Source: SATO Oyj
SATO Corporation, Press release, 23 August 2017 at 13:45
One of Finland's largest rental housing providers, SATO will construct new rental apartments in the Martinlaakso district of Vantaa. Two buildings located on a SATO-owned site that were constructed in the 1970s and have reached the end of their lifecycle will be demolished and replaced with three times as many new homes. One of SATO's focus areas is to develop diverse housing solutions. In this context complementary construction plays a significant role in the supply of more affordable homes.
According to SATO Vice President for Investments Antti Aarnio, succeeding in the urbanisation development is a cornerstone for Finland's economic success and creation of new jobs. Urbanisation challenges us to seek solutions to more and more diverse and affordable housing where complementary construction that takes several different consumer groups into account is an essential component of the set of measures used.
According to Aarnio, cooperation with the City of Vantaa is excellent. Vantaa's flexible land use planning practices and reasonable land use-related pricing can be seen in the greater affordability of the homes built.
- With land use planning allowing consumer-driven housing distribution, we're getting closer to housing suitable for a variety of wallets compared with a situation where we would have renovated these old buildings. SATO's offering of rental apartments will now increase from 94 to 288 on the Raiviosuonmäki site, Aarnio says.
- In addition to increasing the number of rental apartments, the demolition of the old buildings will also generate quality and energy-efficiency benefits. The new apartments will respond better to current demand for rental homes in terms of their functionality and floor plans.
According to Aarnio, existing infrastructure is utilised in complementary construction, making it ecological, reducing municipal need to invest in infrastructure and, thanks to the increase in the number of residents, also improving local services.
The demolition of the Raiviosuonmäki buildings is currently underway, and construction will begin in November. One of the new buildings will be completed in March 2019 and the other in October 2019.
A SATO complementary construction property will also be completed in late August in Kukinkuja, Martinlaakso, where 110 rental homes will soon be available instead of the previous 46. A total of 80 owner-occupied homes were also included in the land use plan concerning the plot.
SATO has acquired a total of 607 new rental homes through new construction and renovation this year. There are a total of 1,298 rental homes under construction at the moment.
For SATO's wishlist for municipal decision-makers, see the press release from 5 April 2017: https://www.sato.fi/en/media/tiedotteet-medialle/release602762
For more information please contact:
Antti Aarnio, Vice President, phone +358 201 34 4200 or +358 40 164 7052
SATO is one of Finland's leading rental housing providers. SATO aims to offer a comprehensive choice of rental housing and an excellent customer experience. At year-end 2016 SATO owned around 25,300 apartments in Finland's largest growth centres and in St Petersburg.
We promote sustainable development and initiative through our operations and work in open interaction with our stakeholders to generate added value. We operate profitably and with a long-term view. We increase the value of our housing assets through investments, divestments and repairs.
In accordance with the new reporting practice*, the SATO Group's net sales in 2016 were EUR 263.0 million, operating profit EUR 267.2 million and profit before taxes EUR 219.4 million. The value of SATO's investment assets is roughly EUR 3.4 billion.
*Net sales have been adjusted in accordance with the new reporting practice.
Retrieved from "http://globenewswire.com/news-release/2017/08/23/1091398/0/en/SATO-to-construct-new-apartments-in-Vantaa-Aiming-at-wallet-friendly-homes.html"