New conditional contract for all six phases of major refurbishment project.
Glostrup Boligselskab has awarded Enemærke & Petersen, a subsidiary of the MT Højgaard Group, a contract for all six stages of the tender project to refurbish the Stadionkvarteret housing area.
The contract has a total value of DKK 750 million and is an extension of the initial stage of the project worth about DKK 200 million, which Enemærke & Petersen was awarded in the spring (see announcement of 22 April 2015).
Like Enemærke & Petersen, Glostrup Boligselskab sought a constructive joint planning approach aiming to achieve the best solutions and efficient planning, while maintaining good relations with the residents and ensuring a financially sound process.
The refurbishment project for the 1,235 housing units in Stadionkvarteret in the Copenhagen suburb of Glostrup is meant to future-proof the housing area. Today, Glostrup Boligselskab, the housing association managing the area, has appointed Enemærke & Petersen, a subsidiary of the MT Højgaard Group, for the refurbishment project, which will involve replacing roofs, windows and technical installations in all housing units, installing new ventilation systems, enlarging balconies and landscaping small garden areas adjacent to the ground floor flats.
In order to make the area more attractive to families with children, some of the flats will be combined during the refurbishment project to make bigger units, and accessibility inside the units will be improved to provide better facilities for senior citizens and disabled persons. Work on the project begins in August 2015 and is scheduled for completion by mid-2019.
The condition in the contract with Glostrup Boligselskab is primarily regarding the final financial commitment of Landsbyggefonden (The Rural Construction Fund). The Contract is expected to have a positive effect on the MT Højgaard Group's consolidated revenue and earnings during the term of the project, but it will not affect the company's current financial guidance.
Forward-looking statements are inherently subject to risk and uncertainty which may cause actual developments to differ materially from the guidance provided.