More than 100 rental apartments planned for Villingardalsvegin

Plans are underway to build more than 100 rental apartments on a plot along Villingardalsvegin in Tórshavn, Kringvarp Føroya reports. The municipality of Tórshavn has sold a site to Húsavarðartænastan, the agency tasked with developing the housing.

The agreement was signed on Monday. Húsavarðartænastan purchased the 12,622 square metre plot for five million krónur.

“We are in discussions with investors who are interested in putting money into the project,” said Regin Petersen, director of Húsavarðartænastan.

The plan is for investors to purchase the apartments and then rent them out. Between 110 and 140 units are envisaged for the site.

The financial scale of the project is considerable. Using a rough estimate of 10,000 square metres of construction at 25,000 krónur per square metre, the total cost would amount to around a quarter of a billion krónur.