SATO to launch construction of Wise Mobility City Block in Helsinki’s Oulunkylä district this year
Jan 2, 2020
SATO Corporation and the Y-Foundation have agreed with the VR Group on a property transaction concerning an area located at a hub between Oulunkylä train station and the coming Jokeri Light Rail service. The next few years will see the construction of a total of around 500 rental, owner-occupied and part-ownership homes in the area. The development of the city block with excellent transport connections takes place in response to the ongoing strong urbanisation development.
SATO Corporation and the Y-Foundation, which is responsible for the state-subsidised rental housing production in the area, purchased the area from the VR Group through a property transaction signed on 30 December 2019. The plot transaction is one of the biggest in SATO’s history.
In late 2016, SATO signed an agreement with the rail transport company VR on the development and purchase of a city block owned by VR in Oulunkylä, Helsinki, following the completion of the local detailed plan by Helsinki City Council. The local detailed plan for the Oulunkylä Wise Mobility City Block was adopted by the City Council on 16 November 2019, and the plan enabling the construction of housing totalling 31,100 sqm in gross floor area gained legal force on 27 December 2019.
“The site named the Wise Mobility City Block has a unique location at the intersection of the Jokeri Light Rail service and the main railway line. The most important starting point chosen for land use planning here was a city block structure based on public transport connections and opportunities for pedestrian and bicycle traffic, with flexibility in response to changing housing and mobility needs,” says SATO Executive Vice President for Investments Antti Aarnio.
“It’s a pleasure to participate in increasing the density of urban structure and supporting infill construction at a site that will be a key rail transport hub in the Helsinki Metropolitan Area. SATO’s ideas concerning the Wise Mobility City Block support the VR Group strategy to increase rail transport passenger volumes in a great way,” says VR Group Property Development Manager Kai Perhola.
Around 500 new homes will be constructed in the new area over the next five to eight years: privately financed rental and owner-occupied homes, state-subsidised rental homes and mixed-type housing production. The area currently has a block with a total of 155 homes built in the 1970s. The current apartments will be demolished as they would need full refurbishment that would not be financially viable.
SATO has launched implementation planning for the area together with HMV Architects Ltd, the winner of the architectural design competition organised to provide a basis for the local detailed plan. The construction of the area is due to begin during 2020.
**For more information please contact:
**SATO Corporation, Antti Aarnio, Executive Vice President, Investments, email@example.com, Phone: +358 40 164 7052