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Published:
2017-10-26 07:00:00 CEST
SRV Yhtiöt Oyj
Press release

SRV brings to market homes for affordable living

Espoo, Finland, 2017-10-26 07:00 CEST (GLOBE NEWSWIRE) --
SRV GROUP PLC                               PRESS RELEASE                                26 OCTOBER 2017, AT 08.00


SRV brings to market homes for affordable living

 

SRV has developed a new living concept, in which owner-occupation is more affordable than renting. The new living concept focuses on two issues: customer surveys and customer participation have revealed what things families with children and first-time buyers value most in their homes. At the same time, SRV’s experts have reviewed the costs of construction and considered what in the homes could be done differently in terms of plot acquisition and project location so that the result is quality apartments that correspond with people’s needs and are also more affordable than renting in the area.

The first model project will be constructed at Keimolanmäki in Vantaa. The target group for the homes is families with children and first-time buyers. For example, owner-occupation in a one room studio (26 square meter) in Keimolanmäki will cost around EUR 101 670 which means EUR 472 per month. Whereas renting a corresponding apartment in the area costs over EUR  640. Owner-occupation living in a three-room family apartment will cost around EUR 900* per month.

“All of the details will determine how we manage to make the ideal housing equation to work. When, for example, we are looking for a suitable plot that has reasonable parking opportunities, the price of apartments falls. Town plans, building regulations and requirements for the construction of the city must be loose enough in order that the use of the suitable plots can be planned reasonable. We need to co-operate with the cities in order to solve these problems”, says Antero Nuutinen, Senior Vice President, Housing in Finland.

SRV´s goal is to build homes that are different and ideal in every respect. The new homes will not be sold in the traditional way but residents will be able to influence at an earlier stage what good housing should be like.

”Everyone will understand that, due to the low price, compromises must be made, but where? Our intention is not to build mini-apartments or weaker quality, but quality homes for good everyday living. People themselves know best where and how they want to live, which things are necessary and which unnecessary,” says Nuutinen.

A good example is the location of the apartments. Researches made by SRV shows that homes do not always have to be located right next to a metro station or railway station; the walking or cycling distance may be 5-15 minutes. A sauna, moreover, is not always necessary in one’s own home, while a balcony is. The entrance hall does not need to be massive, but if you come home in the rain with two children and a dog, the entrance hall must be functional.

“The wealth of Finns is strongly based on residential property, but new homes can be too expensive for families moving to the Helsinki Metropolitan Area, for example. The new homes will help first-time buyers and families with children to become home owners more easily. In addition to construction costs, the cost of new homes is affected, for example, by the price of land which, depending on the plot, may be up to 15% of the total cost. In addition, parking alone may, at its most expensive, account for EUR 5,000 - 60,000 of the price of an apartment, depending on the type of parking”, Nuutinen complete.

The construction in Keimolanmäki will start in March 2018. To be able to participate on the finishing touches of the Keimolanmäki apartments (in Finnish), please find pages from SRV website http://www.osallistu-srv.fi/

* The price example is calculated as follows: Preliminary price of the apartments EUR  101 670 and the three-room family apartment EUR 181 500. Apartment service charges EUR 4/m2. Bank loan for 90% of the apartment’s value with a 25-year loan term, where the annual interest rate on an annuity loan is 1.5%. Total costs including loan repayments and service charges.

 

For further information, please contact:

 

Antero Nuutinen, Senior Vice President, Housing in Finland, tel. + 358 40 531 4918

Anna Tapio, Director, Sales and Marketing, tel. + 358 40 717 1051

Tiina Niemi, Communications Manager, tel. + 358 40 5027549

 

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