The project comprises 49 apartments spread over three residential blocks, which will be located above a shared parking garage. The apartments will have large balconies/terraces and efficient energy solutions. This also includes the establishment of external storage rooms, a generation and neighborhood playground and other outdoor work.

“We are very pleased to continue our collaboration with Peab in the Fagertun project. This project is an important step in our effort to develop quality housing in Ulsteinvik, and we look forward to delivering modern and attractive apartments to our customers. The collaboration with Peab has always been characterized by openness, trust and focus on detail, which ensures high quality at all levels,” says Ingerid Ulstein, CEO of Ulsmo.

“We are proud to enter into this new collaboration with Ulsmo and the project is important for Peab as a local community builder. We have great confidence in Ulsmo as a professional developer,” says Kjetil Nordang, CEO of Peab K. Nordang.

This construction contract was preceded by a so-called phase 1 agreement, which means that Peab was contracted to find an optimized product with the right quality together with the customer and to manage risks and uncertainties. The project is now entering phase 2, which involves signing a construction contract.

The assignment is a turnkey contract. The project will start in spring 2025 and planned completion is spring 2027.

The project will be ordered in the first quarter of 2025.