Deler opp uferdig gigantvilla

Eiendomsinvestor Christian Saure is trying to sell the sprawling megaproject at Kristinelundveien 14B in Oslo's Frogner district. The property is divided into five sections, priced from 17.9 million to 29.55 million kroner or over 109 million kroner in total, according to the advertisement. Saure is very satisfied with the sectionalization.

Now, only the registration with Kartverket remains, which is a formality, he says. - It took some time to think about the options, but that's life. You have to go through some hurdles before you know the solution, says the real estate investor to E24. In June of last year, the developer put the project on the market for 65 million kroner after trying to resell it for 63 million the previous year, and 79 million the year before that. - Today's pricing corresponds to the cost of the project as it stands today, Saure told E24 in the summer of last year.

The building is being sold 'completely closed' and structurally and technically as five apartments with common area, staircase, and common elevator, he points out. - It's a quite different solution. The price of 65 million kroner was marked by the fact that there was a very narrow niche that could buy such a house. We never found a solution or buyer who could take it and rebuild, says Saure.

He adds that it's always the case that the cheaper the units, the higher the price per square meter. In the fall of 2021, the earlier stockbroker Saure was a stockbroker in ABG Sundal Collier from 1996-2003, and has since been a private investor. He completed the ungovernable luxury project "Hillside House" for around 57.6 million kroner.

With a current land mass of over 1,400 square meters designed by renowned Niels Torp Architects, it was planned to be priced over 150 million kroner. The usable area (BRABruksareal (BRA) is the total usable area of the property, divided into three subcategories; BRA-i - Internal usable area; the area within the building's surrounding walls, BRA-e - External brusareal; the area belonging to the property but outside the living space, including garages, garages, and storage spaces, and BRA-b - Built-in balcony.) for the project was initially planned to be 1,288 square meters.

In addition to 900 square meters on three floors on the hillside, there was a large garage with a 4-meter high ceiling with potential for sports, squash, or gallery, according to the advertisement at the time. The sketches also included the possibility of an indoor garden on the hillside. Now, the project has been transformed into five apartments over three floors, from 142 to 242 square meters (BRA), totaling 956 square meters, according to the advertisement.

The price per square meter ranges from 90,000 to 150,000 kroner, with all interior work included and outdoor areas still available. One apartment, measuring 142 square meters in the middle range, has been sold for 18.9 million kroner, according to the advertisement. - It was sold at a plus/minus price increase, and we have one more that I expect to sell in the near future under the same conditions.

Apart from that, we'll just see and hear what the market says, there are large areas, says Saure. - Do you have to sell them all before construction can begin? - No, we are so relaxed compared to this solution that now that we see the price is nearly right and we achieve three sales, we start closing. I think we will manage, says the investor, who hopes that buyers can start interior decoration in the spring.

E24 contacted the real estate investor in the spring, and he acknowledged that the size of the property was one of the obstacles to selling it. - It's obviously a very large property and we think that's why it may be easier to find a solution with multiple living spaces, says the investor, who was in contact with the municipality about the sectionalization at the time.

He also believed that it was not worth finishing the project because there was a risk of spending a lot of money on solutions buyers didn't want. This thought remains relevant as the apartments are being sold as 'white-box', meaning the contractor delivers a functional and finished apartment with basic structure, and the buyer pays for the remaining interior work, including bathrooms and kitchens. - It means that the contractor finishes the exterior facade and common outdoor areas, and the buyer pays for the remaining interior work in each apartment and their own outdoor areas, writes Saure in the advertisement.

It also states that parking space is not included, but can be purchased separately. Saure points out that there are no longer parking requirements in the inner city parking norm for new construction. - Now we have five parking spaces and five apartments, and it's not certain that everyone needs parking. In the one that was sold, parking was part of the negotiations, and so is the market for all apartments.

The property is expensive and the market is not so favorable, so there will be negotiations, says the investor. Saure also emphasized that the neighboring landowner, who is building a new exclusive condominium, adds 'a significant upgrade to the neighborhood,' according to the advertisement. He will move into one section of the neighboring building in a few weeks, while the other half, which has been sold, will be ready for occupancy by Christmas. - I also sold the white-box model there, and that process made me think that the same could work for the Hillside project, says Saure.

The real estate investor sells not through a real estate broker, but through a lawyer for the contract and settlement. - It's somewhat complicated from a compliance perspective because we are selling a new construction, which is covered by the Bustadoppføringsloven, or a lot covered by the Avhendingsloven. So we fall between two stools regarding a real estate broker, says Saure to E24 in the spring.

He owns 65 percent of Kristinelundveien 14B AS through his company Sterna Eiendom, while Anses Entreprenør and Henrichsen Rørleggerservice own 25 and 10 percent of the project, respectively, according to proff.no.