Construction engineering company Serneke group is forming a joint venture (JV) company with Fastighets AB Balder to develop additional properties in the Karlastaden housing development district, Sweden.

The JV company will develop three more of the total of eight buildings in the housing development district located in the Lindholmen area of Gothenburg. The three buildings will cover a total area of 45,000m2.

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As per the initial plans, the new buildings will have seven to 27 floors and comprise mostly housing along with retail, commercial and office spaces.

The buildings will include approximately 450 tenant-owned apartments.

Serneke Invest CEO Ola Serneke said: “This is a major event in Karlastaden’s history, but also for me personally, as numerous colleagues and I have for a long time been involved in advancing the plans for the district from the concept stage to implementation.”

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Construction work on the new buildings is planned to begin in 2022 and be ready for occupancy in 2024.

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Overall, Karlastaden has about 32,000m2 of ground area, comprising ten blocks of residential, office, retail and office spaces.

Balder CEO Erik Selin said: “It feels highly gratifying to take the next step towards realizing one of the Nordic region’s most exciting property development projects alongside Serneke.

“We are continuing our beneficial collaboration with Serneke and look forward to the continued development of Karlastaden with confidence.”

Karlatornet, part of the new district Karlastaden, is claimed to be the tallest building in the Nordic region at 73 floors.

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Rendering of Karlastaden housing development district in Sweden. Credit: Serneke.