Toivo Group has commenced construction work on a residential building project in Mellunkylä, Helsinki, Finland.

The project, which focuses on family housing, is slated for completion during spring 2023.

This energy class B building will be heated by district heating.

In line with the City of Helsinki’s principles of price-controlled housing production, the apartments will be sold to consumers as owner-occupied apartments.

The marketing of the apartments has advanced as planned and nearly all apartments have been booked in the pre-market.

Toivo CEO Markus Myllymäki said: “The project is in line with our strategy and we are proud to contribute to the City of Helsinki’s housing policies through this project as well. We aim to sell around 5–15% of our annual investment volume, as this allows for more efficient use of capital and higher investment volumes. Toivo’s role in the project is to act as the developer, the builder and the seller of the apartments.”

Toivo director of construction Urho Myllymäki said: “The construction method in this project is familiar to Toivo. We have a lot of experience with similar projects. We have the necessary expertise and resources to deliver quality housing for residents in a reliable way.”

Meanwhile, Toivo Group has acquired a property in Hyrylä, Tuusula, and will commence transforming the previous barracks into apartments during summer 2022.

Toivo will construct loft-style rental apartments, which are scheduled for completion in spring 2023.

The apartments will be heated with district heating.

The barracks area was constructed for the Finnish Olympic Games in 1952. Until early 2000s, the building was used as a barracks.

Toivo CEO Markus Myllymäki said: “The project has received a building permit and an established contractor known for similar projects has been chosen to carry out the renovation. In addition, we estimate that the development margin for this project is higher than usual. The end result is guaranteed to be unique and of premium quality.”



Image: The project, which focuses on family housing, is slated for completion during spring 2023. Credit: Toivo via Cision.