SRV Group to build 31-storey rental apartment tower in Finland

WCN Editorial Team 22 Apr 2020 EUROPE BUILDINGS

Finnish construction company SRV Group has secured a contract from Kojamo to build Kompassi, a rental apartment building in Finland.

To be located in Kalasatama, Helsinki, the 31-storey tower will be built next to the Redi shopping centre in Kalasatama district and will also have local services and transport links.

The 291-unit building mostly includes studios and two-room apartments and is expected to indirectly employ around 550 person-years.

Construction on the project is scheduled to commence immediately with completion is planned in 2022.

The construction of the project is part of a cooperation agreement signed by SRV Group and Kojamo on 2 March 2020 to build rental apartments worth €197m ($213.6m) in Helsinki and Espoo.

The agreement encompasses the construction of six residential development projects, with a total of 676 residential units.

Furthermore, both firms have signed agreements on 31 March this year to construct 256 apartments in the Munkkivuori (Lapinmäentie 1) and Pitäjänmäki (Strömbergintie 4) districts in Helsinki and the Perkkaa (Runoratsunkatu 11) district in Espoo.

SRV Group president and CEO Saku Sipola said: “Kompassi is a good example of project, where we have 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.”

SRV Housing senior vice president Kim Jolkkonen said: “With our long-term cooperation with Kojamo, we respond to housing demand in growth centres. Kompassi, which construction now begins, will have excellent location in the vicinity of good transport connections.”


Rendering of Kompassi a 31-storey tower in Helsinki. (Credit: SRV Group Plc.)


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