Sjaelso: profit expectations for 2005 upgraded (DK)

The Board of Directors of Sjælsø Gruppen has reviewed the Group's current projects and concluded that sales will exceed the original expectations for the year. On the basis of this, the Board has decided to upgrade the profit forecast for 2005 to approximately DKK 325 million before tax (approx. €42.5 million).

Approx. 700 residential properties sold in 2005
Since January 1, 2005, Sjælsø Gruppen has sold 515 owner/occupier and co-operative residential properties as well as 175 rental properties to pension funds and investors.

Sales of new projects to begin
Between June and August, the sale of 9 new projects or new stages of current projects, comprising 600 residential properties, will start (c.f. illustrations). These new projects are set to generate revenue in 2006 and 2007.

Sjælsø Gruppen acquires residential site at Havneholmen
Sjælsø Gruppen also announced its acquisition of an attractive site at Havneholmen from Københavns Havn A/S (The Port of Copenhagen Ltd). Located adjacent to Fisketorvet, the site has potential for approximately 230 residential properties totalling 22.000 square meters.

The future project will face the harbour basin and offer spectacular views of the harbour from all residences. With sales expected to start at the end of 2005 the project will contribute to Sjælsø Gruppen's revenue for 2006 - 2007.

Sjælsø Gruppen has chosen architect Lene Tranberg from the architectural firm of Lundgaard & Tranberg to design the project.

Source: Sjælsø

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