Iceland Prime Contractor has concluded the purchase of an entire street in the Urridaholt neighbourhood in Gardabaer. The street, called Mosagata Street, will be home to a group of small, low-rise multiple-family dwellings and duplexes with a total of 77 apartments. The street is centrally located in Urridaholt, just a stone’s throw from the neighbourhood pre-school and primary school.

The seller was Urridaholt ehf., which has planned a new community for 4,000 residents in this section of Gardabaer. The Company intends to commence construction soon after mid-2008, and delivery of the first units is planned for some two years later.

According to CEO Gunnar Sverrisson, IPC decided to purchase all of the lots in Mosagata for a number of reasons:

“This project fits well with the jobs the Company is currently planning or engaged in. The new neighbourhood in Urridaholt is very intelligently planned and well located within the Reykjavík area. It is in close proximity to a lovely area that offers great possibilities for outdoor activity, the transport options are excellent, and services for residents are close by. The street is well situated in the new neighbourhood and has a beautiful view to the southwest.”

CEO Gunnar Sverrisson is on the left.