JM Expands Kongahälla Project in Sweden
- Sep 25, 2015
By Balazs Szekely, Associate Editor
Kungälv, Sweden –JM, one of the leading developers of housing and residential areas in the Nordic region, intends to help develop the Kongahälla master plan as an integrated part of Kungälv town center. The company has announced the acquisition of two blocks with building rights for 260 units.
Kongahälla is the largest construction project in Kungälv, a modern neighborhood with mixed housing types and amenities. JM acquired the two blocks—which form part of the properties Komarken 1:1, 1:9 and 1:10—from the Municipality of Kungälv. Each block is expected to contain approximately 130 units along with commercial premises on the ground floor. In addition to around 900 homes, several retail commercial surfaces, restaurants and a pre-school are planned in the Kongahälla area as a whole.
JM purchased the property for $4.4 million (SEK 37 million), not including street and planning costs. The company will work in close cooperation with the Municipality of Kungälv and other developers. Construction on the first block is planned to start in December 2016.