SATO Corporation, Press release 18 December 2024 at 4.30 pm
In Espoo's Finnoo district, the new SATO building at Peijinkuja 10 has welcomed its first residents just in time for Christmas. Moving in began at the start of December, and despite significant interest, some homes are still available.
The complex of 121 rental homes, built along the Western Metro extension, is SATO's last new construction project for the time being. This follows a decision made in October 2022 for the company to pause newbuild projects. The decision was driven by increased financing costs and the rising construction and maintenance expenses caused by high inflation.
Construction activity in SATOs key growth centres, Helsinki Metropolitan Area, Turku, and Tampere, has reached historically low levels. However, the surplus of rental homes persists, especially in larger cities, due to overproduction in previous years.
"The situation is improving more slowly than anticipated, and we expect competition for quality tenants in growth centres to continue into next year. Although a significant revival of rental housing construction will take time, we are prepared to initiate new projects as soon as demand recovers,” says Antti Aarnio, CEO of SATO.
SATO remains committed to improving the energy efficiency of its properties and increasing the production of locally sourced renewable energy. Both the building at Peijinkuja 10 and the earlier completed property at Peijinkuja 6 are rated as Class A energy buildings. Solar electricity produced on-site is used to power the ventilation and lighting in shared spaces.
"We emphasised energy efficiency, durable structural solutions, and adaptability already during the planning phase of Finnoo's SATOhomes. These responsible choices also appeal to our environmentally conscious residents. The properties' A energy class and excellent location next to a metro station and about a kilometre from the seashore make them especially attractive,” explains Arto Aalto, SATO's Executive Vice President responsible for investments.
As urbanisation continues and household sizes shrink, rental housing is becoming the primary form of living in cities. Renting is increasingly seen as a viable alternative to homeownership. In 2023, the number of rental households in Finland exceeded one million for the first time.
Find out more about the Peijinkuja properties and available homes on our website.
Contact for media:
Terhi Jokinen, Senior Communications Specialist, tel. 020 134 4307, [email protected]
SATO Corporation is an expert in sustainable rental housing and one of Finland's largest rental housing providers. SATO owns more than 26,000 rental homes in the Helsinki Metropolitan Area, Tampere and Turku.
SATO aims to provide an excellent customer experience and a comprehensive range of urban rental housing alternatives with good access to public transport and services. We promote sustainable development and work in open interaction with our stakeholders.
SATO invests profitably, sustainably and with a long-term view. We increase the value of our assets through investments, divestments and repairs. www.sato.fi/en
