Skanska Norway, a construction and property development services unit of Sweden-based Skanska Kraft Ab, has infused a total of 640 million Norwegian Krone ($74.7 million) in 176 residential apartments in central Lillestrøm, Norway.
The commitment was booked by Skanska Residential Development Nordic in the second quarter of 2016 and in the third quarter of 2017.
The construction contract is valued at $57.2 million of which $35.5 million is included in Skanska Norway's order bookings for the fourth quarter of 2018. The rest of the amount will be booked in 2019 and 2020.
The building is set to begin in the first quarter of 2019. All properties are expected to be ready by 2021.