The contract includes the demolition of existing buildings on the site and the construction of a total of 40 apartments distributed across two buildings with a shared garage, bicycle parking, sports stalls and entrance areas.

The project is located right by the banks of the Møllendal River near a marina, a waterfront promenade, and a planned new city beach and river park. The project is being carried out as a turnkey project.

The contract is valued at approximately NOK 137 million excluding VAT and is contingent on sufficient pre-sales being achieved before construction begins.

"We are grateful to have been chosen as the partner for the project in Møllendalsveien, and we look forward to continuing the collaboration from the interaction phase into the execution of yet another residential project for Gjelsten Bolig," says Gard Kvalheim, CEO of LAB Entreprenør.

Work on site will begin in the third quarter of 2025, with planned completion in the second quarter of 2027.