YIT and the City of Järvenpää to sign a contract concerning the Perhelä area development

Järvenpää City Council approved the Perhelä set of contracts. The zoning process for the project will start in early 2020.

The joint planning between YIT and the City of Järvenpää concerning the Perhelä project has entered the contract phase.

Järvenpää City Council approved the proposal for the set of contracts concerning the Perhelä block today on November 11.

Among the matters agreed upon in the implementation contract are the basic principles of construction, changes in the local detailed plan and the schedule. The parties to the contract have also agreed that the City of Järvenpää will sell the Perhelä block to YIT for EUR 10 million. A deed of sale to this effect is attached to the contract. YIT has also accepted the contract.

“The core of YIT’s business model and our growth engine is responsible, customer-oriented urban development as well as the ability to develop demanding projects that involve responsibility for planning. The joint planning concerning the Perhelä project went smoothly, and we would like to give credit for this to the City of Järvenpää,” says Sami Viitanen from YIT.

The Perhelä block, located in the heart of Järvenpää, will consist of a 20-storey high-rise building, two smaller apartment buildings and office and retail space. The number of apartments built will be approximately 300.

“This is an extremely important milestone for the development of the entire centre of Järvenpää. This project has progressed in different phases for more than two decades. The development of the centre is a challenging puzzle, in which different pieces must fall into their places at the right time. We have worked with YIT nonstop for the past year and the joint planning has created an end result for which we, the city, can be extremely pleased,” says Olli Keto-Tokoi, Director of Economic Affairs in Järvenpää.

The zoning of the Perhelä project is estimated to be launched in early 2020 based on the prepared contract and the reference plan appended to the contract.

The aim is to start construction of the project as soon as possible after the local detailed plan has become legally valid and the project has been granted building permits. The target date for the start of construction is early 2021.

For further information, please contact:
Sami Viitanen, EVP, Housing, Häme and Southeast Finland, YIT Finland Ltd, tel. +358 (0)40 087 3516, sami.viitanen@yit.fi
Johanna Savolainen, Communications Manager, YIT Corporation, tel. +358 (0)44 305 4594, johanna.savolainen@yit.fi

YIT is the largest Finnish and a significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, Baltic Countries, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our restated pro forma revenue for 2018 was approximately EUR 3.2 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com