Gjelsten Bolig

What Gjelsten Bolig does

Gjelsten Bolig AS is a Norwegian for-sale residential property developer that acquires, plans, and constructs new-build apartments and townhouses for sale to individual consumers in supply-constrained urban markets, primarily Oslo, Bergen, Lillehammer, Drammen, and Bærum. The company was established on March 5, 2024, through the merger of Profier AS (founded 1994, with a cumulative delivery of more than 12,000 apartments and over one million square meters of commercial space) and Neptune Properties AS, both previously controlled by Gjelsten Holding AS. It is headquartered at Lilleakerveien 8 in Oslo's Lilleakerbyen district and operates a project office in Bergen. At the time of the merger announcement, the company had a development pipeline of approximately 5,700 apartments with an aggregate sales value of around NOK 47 billion and 1,162 units under construction, 86% of which were already pre-sold.

The company's activity centers on site acquisition, planning, and project execution rather than proprietary technology. It engages established Norwegian contractors under totalentreprise contracts (Backe, LAB Entreprenør, WK Entreprenør) and architectural partners such as LPO, A-lab, Delta Arkitekter, and Lundhagem, with a stated emphasis on site-specific architecture, sustainability, and heritage preservation. Revenue is earned through one-time unit sales to end consumers at handover, with indicative unit prices ranging from NOK 2.9 million for entry-level apartments in Lillehammer to NOK 29.5 million for premium units at Villa Granheim in Bekkestua. Distribution is conducted via licensed Norwegian real estate brokers (DNB Eiendom, Eiendomsmegler 1, Røisland & Co, Sem & Johnsen, Eiendomsmegler Vest) and the company's own sales and marketing organization, supplemented by digital marketing, open houses, and information meetings. Buyer-side offerings include flexible handover dates, double-home insurance, and shared-ownership options through partnerships with Oslobolig and Coo.

Following the merger, the company has pursued a strategy of scaling capacity through joint ventures rather than balance-sheet expansion. In August 2024, Gjelsten Bolig formed Gjelsten Residential Oslo (GRO) with UNION, adding a land bank of approximately 600 apartments across seven Oslo projects at a transaction value of NOK 1.5 billion. In March 2025, it formed Gjelsten Residential Bergen (GRB) with Perestroika AS (joined by Storm Eiendom and Lønne Invest), targeting approximately 750 apartments in Sandviken, Bergen. The firm operates with a small core team of 11-50 employees, has no proprietary software or hardware platform, and reports no disclosed AI or machine-learning capability. Revenue is not publicly disclosed.

Name

Gjelsten Bolig

Legal name

Gjelsten Bolig AS

Website

https://gjelstenbolig.no

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Gjelsten Bolig is a Norwegian residential property developer formed in 2024 from the merger of Profier AS and Neptune Properties AS under Gjelsten Holding AS. It builds and sells new-build apartments across Oslo, Bergen, Lillehammer, Drammen, and Bærum, with a pipeline of approximately 5,700 apartments valued at NOK 47 billion.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

New Housing For-Sale Builders (236117), Residential Building Construction (2361), Residential Building Construction (23611)

SIC

General Bldg Contractors - Residential Bldgs (1520), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Spec Home / Production Homebuilding (Tract & Volume Builders) (IMAFABAD)

akta.pro secondary industries

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL), New Construction & Builder Sales (BPAJAAAB)

Keywords

• Residential property development
• Apartment construction
• Norwegian real estate
• Housing development
• Townhouse development

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales

Revenue model

1. New residential apartment sales: Gjelsten Bolig generates the vast majority of its revenue through the development and sale of new residential apartments and townhouses to end consumers. The company acquires land, obtains planning permissions, constructs buildings, and sells individual units before or during construction. Revenue is recognized at the point of unit handover to buyers. This is a one-time transaction model per unit, though the company continuously replenishes its pipeline with new projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Gjelsten Bolig develops and sells new-build residential properties, including apartments and townhouses, primarily in the greater Bergen and Oslo regions of Norway. The company manages the full development lifecycle from site acquisition, planning and project design through construction oversight and direct sales to homeowners.

Product overview

Gjelsten Bolig is a Norwegian residential property developer offering housing development services across Norway. The company operates as a unified platform combining development, sales, and construction management for residential projects. The product portfolio includes various named residential projects spanning apartments and townhouses in Oslo, Bergen, Lillehammer, Drammen, and Bærum. Key projects include Prinsessealléen (72 apartments in Oslo, completed 2025), Østensjøporten (48 apartments, completed 2024), Villa Sæter (20 senior apartments, completed 2024), Poppelhagen (105 apartments, completed 2024), Hagejordet (59 apartments in Lillehammer), Sjøbodene (77 waterfront apartments in Bergen), Hegreneset (580 apartments planned in Bergen), Libakkløkka (58 apartments in Oslo), and Setra vei (22 premium apartments in Holmenkollen). The company was formed in 2024 through the merger of Profier AS and Neptune Properties AS, with a combined project portfolio of approximately 5,700 apartments.

Differentiator

Problem solved

Functional benefit

Products and services

• Kanalveien 31-33 Residential apartment development located at Kanalveien 31-33 in Bergen, Norway, offered to individual home buyers seeking new-build urban housing.
• Verksparken Townhouse development consisting of 8 new-build townhouses at Verksparken in Ski, Norway, targeted at families and individual buyers.
• Stasjonskvartalet Residential development project located at Stasjonskvartalet in Ski, Norway, offering new-build homes to individual buyers.
• Sævikåsen Residential development at Sævikåsen in Bergen, Norway. Project is fully sold out and represents a completed residential offering from the company.
• Østre Løren Completed residential development of 16 new-build apartments at Østre Løren in Oslo, Norway. Project is fully sold out and represents a recent delivery by the company.

Quantifiable outcome

• 5,700 apartments in pipeline with NOK 47 billion total sales value
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Perestroika AScoreStrategic or Co-development Partner · 7 March 2025Gjelsten Bolig AS and Perestroika AS established a joint residential development company, Gjelsten Residential Bergen (GRB), focused on residential development in the Bergen area. The company has a land bank of approximately 750 apartments across two projects: Lehmkuhlstranden and Hegreneset in Sandviken, Bergen. Bergen-based Storm Eiendom and Lønne Invest are also involved providing local expertise and ownership. The new company is led by Even Jermstad, CEO of Gjelsten Bolig.
• UNION Residential Development / UNION Real Estate Fond IVcoreStrategic or Co-development Partner · 9 August 2024Gjelsten Bolig and UNION established a joint residential development company, Gjelsten Residential Oslo (GRO), focused on Oslo. The venture has a land bank of approximately 600 apartments across seven projects, valued at NOK 1.5 billion. The new company is led by Even Jermstad, CEO of Gjelsten Bolig. UNION's team brings long experience and high competence in residential development.
• BackecoreStrategic or Co-development Partner · 1 April 2024Backe signed a construction agreement with Gjelsten Bolig to build the Kullkaien residential project in Bergen, consisting of 88 residential units. The contract is valued at approximately NOK 330 million including VAT. Kullkaien is part of the larger Hegreneset development in Sandviken, where a total of 560 apartments will eventually be built.
• OsloboligcoreStrategic or Co-development Partner · 13 September 2022Oslobolig is a housing cooperative established by Oslo municipality, OBOS, NREP, and Bane Nor Eiendom to help buyers with regular incomes access homeownership through a shared-ownership model. Oslobolig purchased its first 9 apartments from Gjelsten Bolig in the Østensjøporten project. Buyers finance half the purchase price themselves; Oslobolig covers the rest. Buyers can gradually buy out Oslobolig's share. DNB provides mortgage financing. Gjelsten Bolig was the first developer to partner with Oslobolig.
• CoominorGTM or Marketing PartnerCoo is a shared-ownership (deleie) platform that partners with Gjelsten Bolig to enable buyers who lack upfront capital to purchase apartments. Coo contributes up to 70% of the equity required by banks, co-owns the property with the buyer, and charges rent on its share. Buyers can gradually buy out Coo's share over time. Available for projects such as Hagejordet in Lillehammer.
• LAB EntreprenørcoreImplementation/ SI/ Consulting PartnerLAB Entreprenør signed a total construction contract (totalentreprise) with Gjelsten Bolig for the Sjøbodene project in Bergen, comprising 77 apartments at the water's edge near Gamle Bergen. The project launched in May 2024 with immediate construction start due to strong pre-sales.
• WK EntreprenørcoreImplementation/ SI/ Consulting PartnerWK Entreprenør signed a total construction contract (totalentreprise) with Gjelsten Bolig for the Libakkløkka project in Oslo (58 apartments near Brattlikollen T-banestasjon). Construction started in August 2025 with planned completion in spring 2027. WK has previously collaborated with Gjelsten Bolig on other projects.
• Agate UtviklingcoreStrategic or Co-development PartnerGjelsten Bolig (formerly Neptune) and Agate Utvikling co-developed Poppelhagen (105 apartments) and Villa Sæter (20 apartments) at Sæterkrysset on Nordstrand, Oslo. The projects were completed in summer/autumn 2024 and nominated for Oslo's Architecture Prize 2025.
• Storm Eiendom / Lønne InvestminorStrategic or Co-development PartnerBergen-based Storm Eiendom and Lønne Invest provide local expertise and ownership stakes in the Gjelsten Residential Bergen (GRB) joint venture with Perestroika AS.

Scale indicators13 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• OBOS: Norway's largest housing cooperative and residential developer. Directly comparable to Gjelsten Bolig in building new for-sale apartments across major Norwegian cities; Gjelsten CEO Even Jermstad and Bergen director Roger Wiksnes both previously held senior roles at OBOS, reflecting close operational overlap.
• Block Watne: Norwegian single-family home and townhouse developer/builder. Comparable in producing for-sale residential units in Norwegian regional markets (including greater Oslo) but more concentrated in single-family homes than Gjelsten Bolig's apartment-heavy mix.
• Selvaag Bolig: Listed Norwegian residential developer focused on new-build apartments in Oslo, Bergen, Stavanger, and surrounding regions. Comparable business model, scale, and geographic footprint to Gjelsten Bolig, with similar for-sale townhouse and apartment production.

Regional players

• Bonava: Nordic residential developer (Sweden-headquartered) building homes in Germany, Sweden, Finland, and the Baltics. Comparable Nordic for-sale apartment and townhouse business model, but operates in different national markets and provides a regional benchmark for Gjelsten Bolig's strategic positioning.
• JM (John Mattson): Major Swedish residential developer producing for-sale apartments and single-family homes primarily in the Nordic market. Directly comparable product offering and lifecycle (land acquisition to sales), but concentrated in Sweden rather than Norway.

Broad incumbents

• AF Gruppen: Norwegian contracting and property development group with significant residential and commercial activity. Comparable in large-project Norwegian construction and developer role, though broader than Gjelsten Bolig's pure residential focus.
• PEAB Norge: Norwegian subsidiary of Swedish construction group Peab, producing residential homes and apartments. Comparable in Norwegian residential construction capabilities and developer role, though residential is one of multiple segments within a broader construction group.
• Veidekke: Major Scandinavian construction and residential development group active across Norway, Sweden, and Denmark. Comparable in scope of large-scale Norwegian housing development and infrastructure, with a broader portfolio including commercial construction.
• Skanska Norge: Norwegian arm of Swedish construction group Skanska, with active residential development in Oslo and other Norwegian cities. Comparable in producing premium for-sale residential units in Norway, as part of a much larger global construction and development portfolio.
• NCC Norge: Norwegian operations of Nordic construction group NCC, active in residential development and large-scale construction. Comparable in Norwegian residential development scale and project pipeline, while providing commercial and infrastructure exposure beyond pure residential.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/gjelstenbolig
• LinkedInlinkedin.com/company/gjelsten-bolig
• Instagraminstagram.com/gjelstenbolig

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gjelsten Bolig