Construction of the 31-floor Kompassi residential tower in Helsinki Kalasatama, Finland has begun. This is after developer SRV Group signed a contract agreement with Kojamo for the construction to begin.
The rental apartment building project which is part of US $213.4m cooperation agreement with Kojamo, was recorded in SRV’s order backlog in the second quarter of 2020.
The apartments, altogether 291 units, are mainly studios and two-room apartments. The construction will start immediately and the project will be completed in 2022.
According to SRV Group Plc President and CEO, Saku Sipola, Kompassi is a good example of a project, where there are strong customers and which do not significantly tie up SRV’s capital. When implemented as planned Kompassi will release approximately EUR 22 million from the company’s balance sheet during year 2020. I am delighted to see that with our recovery programme our customers trust us and we have been able to start several new projects this year,” he said.
Kim Jolkkonen, Senior Vice President, Housing at SRV said that with the company’s long-term cooperation with Kojamo, they respond to housing demand in growth centres. Kompassi, which construction now begins, will have excellent location in the vicinity of good transport connections,” said the VP.
SRV Group Plc and Kojamo Plc signed a cooperation agreement on 2nd March 2020 on construction of rental apartments valued at US $213.4m in Helsinki and Espoo. The contract includes a total of six residential development projects, with a total of 676 residential units. The contract includes Kompassi, which will rise 120 meters high.