Stora Sköndal / Stockholm
Illustrative renderingAn opportunity to acquire over 50,000 sq m GFA of fully zoned residential building rights in Stora Sköndal, southern Stockholm. The development provides capacity for around 700 units across four blocks and offers significant flexibility over both development timing and tenure. The opportunity combines an attractive lakeside setting, extensive recreational amenities and strong connectivity within an emerging residential neighbourhood.
Stora Sköndal combines immediate proximity to extensive recreational amenities with the qualities of an emerging residential neighbourhood. The location benefits from strong connectivity and further improvements to local public transport planned.
The zoning plan is legally binding, providing a high degree of planning certainty and a clear framework for phased development. The project offers significant flexibility over both timing and tenure, enabling the development strategy to be adapted to prevailing market conditions over time.
The project comprises ca. 52,000 sq m GFA and around 700 residential units across four development blocks, representing a sizeable residential development opportunity within a single project.
02 / BIG VALLEY
Sköndal is a well-established residential neighbourhood in southern Stockholm, offering a unique combination of natural surroundings, waterfront setting and convenient connectivity to central Stockholm.
Stora Sköndal represents the historic heart of the wider Sköndal district. The area combines apartments and lower-density housing with a range of community services, including care and educational facilities, many of which are provided by the non-profit organisation Stiftelsen Stora Sköndal. Surrounded by greenery and shaped by a strong social heritage, the area offers a tranquil residential environment with convenient access to both central Stockholm and the everyday amenities of Sköndal.
Stora Sköndal is distinguished by its exceptional natural surroundings. Situated by Lake Drevviken and directly adjacent to extensive green areas, Stora Sköndal offers exceptional access to the lakeshore, swimming areas and scenic walking trails. The nearby Flaten Nature Reserve offers forests, open landscapes, shoreline paths and recreational destinations, providing an unusually strong natural setting within Stockholm. Stora Sköndal combines its green, lakeside setting with the practical amenities of an established neighbourhood, including schools, preschools and care facilities, complemented by everyday retail and services at Sköndal Shopping Centre and Sköndal Retail Park.
The long-term planning programme is set to transform Stora Sköndal into a denser and more mixed-use area while retaining its established natural and cultural qualities. The programme includes approximately 4,500 new homes, 1,500 additional workplaces and a significant expansion of local services. Planned developments include new schools, a larger educational campus, expanded care facilities and a broader range of community functions. New streets, parks, pedestrian routes and public squares will enhance the quality of the urban environment and create stronger connections both within Stora Sköndal and to the surrounding neighbourhoods.
Strong public transport and road connections provide convenient access to central Stockholm, with planned improvements expected to further enhance accessibility and connectivity.
Despite its green and secluded setting, Stora Sköndal is closely connected to the wider Stockholm region. Bus 188 provides direct access to Gullmarsplan in c. 15 minutes, with departures as frequently as every 10 minutes during peak hours. From Gullmarsplan, the metro and light rail offer easy onward connections to central Stockholm and other parts of the city. Additional bus services connect Stora Sköndal with Farsta and Älvsjö, providing access to both metro and commuter rail services. By car, the nearby Tyresövägen (road 229) and Nynäsvägen (road 73) enable efficient travel towards central Stockholm and the wider regional road network.
As Stora Sköndal develops, its transport network will become more integrated with the surrounding city. Approved plans include a new main street linking the district’s existing access roads into a continuous route designed to accommodate bus services. New and reconstructed streets will also incorporate pedestrian and cycle paths, while the wider development programme proposes extending the route north towards the Norra Sköndal transport interchange and Skarpnäck. Together, these measures will further strengthen Stora Sköndal’s public transport connections to central Stockholm, while also improving connectivity within the district and to surrounding areas.
| Destination | Public transport | Car | Bicycle |
|---|---|---|---|
| Gullmarsplan | 15 min | 15 min | 25 min |
| Stockholm Central Station | 30 min | 25 min | 45 min |
| Stockholm Arlanda Airport | 50 min | 50 min | – |
The development pipeline in Stora Sköndal comprises approximately 3,200 planned homes. Big Valley represents a major component of this pipeline, contributing ca. 700 homes to the district’s ongoing urban transformation and supporting its continued growth as a residential area in Stockholm.
The pipeline includes rental, co-operative and owner-occupied apartments, including senior housing, with delivery spanning several phases and zoning plans. Development is concentrated within the Stora Sköndal Phase 2A zoning plan, where planned projects comprise ca. 1,630 homes.
Big Valley accounts for approximately 43% of the planned Phase 2A volume, making it a significant contributor to the next stage of expansion. Its legally binding zoning plan provides greater planning certainty than projects at earlier stages, while its anticipated construction start in 2028 positions it within the nearer-term development pipeline.
| Zoning plan phase | Developer | Project | Housing tenure | Units | Status |
|---|---|---|---|---|---|
| Phase 1 | JM | Alfa | Owner-occupied | 106 | Est. move-in from Q4 2027 |
| Phase 2A | K2A | Block K | Rental | 89 | Est. construction start 2027; move-in 2029 |
| Phase 2A | Big Valley | Blocks D–G | Rental / co-op | 700 | Est. construction start 2028 |
| Phase 2A | Klövern | Kyrkoadjunkten 1 | Co-op | 68 | Est. construction start spring 2029 |
| Phase 2A | Wallenstam | Blocks A–C | Rental | 481 | Zoning plan legally binding |
| Phase 2A | K2A | Block J | Rental | 77 | Zoning plan legally binding |
| Phase 2A | K2A | Block L | Rental (for seniors) | 91 | Zoning plan legally binding |
| Phase 2A | Malmegårds | Block I | Rental (for seniors) | 72 | Zoning plan legally binding |
| Phase 2A | Malmegårds | Sköndal 1:14 | Rental | 56 | Zoning plan legally binding |
| Sköndals centrum | Stena | Sköndals centrum | Rental / co-op | 421 | Est. zoning plan adoption Q1 2028 |
| Phase 3A | Wallenstam | Skogsbyn | Rental (TBD) | 1,000 | Planning of a new zoning plan |
| Total | 3,161 |
03 / BIG VALLEY
The project comprises four Blocks with ca. 700 planned homes. Property formation has been completed, with each Block constituting a separate registered freehold property. The final number of homes, intended tenure and built area may be adjusted within the parameters of the legally binding zoning plan.
Three point buildings along the new main street, with communal roof terraces and shared indoor space.
Block D agreements| Block D | Block E | Block F | Block G | |
|---|---|---|---|---|
| Residential area | 9,323 sq m | 10,269 sq m | 10,138 sq m | 21,858 sq m |
| Commercial area | – | 159 sq m | – | 450 sq m |
| Building height / storeys | 9–10 storeys, illustrated | 6–8 storeys | 6–7 storeys | 6–8 storeys, landmark element up to 10 |
| Garage | No on-site garage | Underground garage permitted, potentially across two levels | Partly underbuildable with an underground garage | Underground garage permitted, potentially across multiple levels |
| Parking solution | Shared parking accommodated within Blocks E–G | Shared parking accommodated within Blocks E–G | Shared parking accommodated within Blocks E–G | Shared parking accommodated within Blocks E–G |
The investment opportunity comprises the acquisition of Big Valley AB, which indirectly owns the development properties and associated building rights for Blocks D–G through four property-owning project companies. A well-defined contractual and implementation framework provides visibility on development phasing, purchase price mechanics and key project obligations.
Big Valley AB entered into share purchase agreements in 2020 for the four project companies holding Blocks D–G. The agreements were amended in 2026 and govern, among other things, property values, payment structure and tenure allocation.
The four project companies are also parties to a project-wide development agreement with the City of Stockholm for Phase 2A, governing the implementation of the zoning plan and certain project-wide and plot-specific development obligations.
Under the share purchase agreements entered into with entities within the Stora Sköndal group, a contractual base value has been established for Blocks D–G. The base value reflects the agreed tenure allocation, GFA and underlying property values for the respective blocks and serves as the minimum aggregate value to be maintained when adjusting the tenure mix. The contractual base value is determined based on the assumptions set out below. Big Valley has flexibility to adjust the residential tenure mix across Blocks D–G based on prevailing market conditions, provided that the contractual aggregate base value is maintained. Converting residential GFA from rental to tenant-owned creates value headroom above the base value, which may be utilised by converting corresponding GFA in other blocks from tenant-owned to rental.
| Block | Base tenure | GFA (sq m) | SEK / sq m GFA | Indexation | Base month |
|---|---|---|---|---|---|
| Block D | Tenant-owned | 9,323 | 12,000 | None | – |
| Block E | Tenant-owned | 10,269 | 12,000 | None | – |
| Block F | Tenant-owned | 10,138 | 12,000 | None | – |
| Block G | Rental | 21,858 | 5,500 | CPI | Jul-24 |
| Blocks E and G | Commercial | 609 | 2,000 | CPI | Jul-20 |
| Total | 52,197 |
The acquisition was completed on 1 September 2026. A total deposit of SEK 114.3m was paid upon signing in November 2020 and is deductible from the purchase price for the respective blocks. A significant portion of the remaining consideration is deferred through interest-free seller notes, which mature upon specified development milestones, as outlined below:
50% of the deferred consideration is payable at construction start and 50% upon completion of the respective block.
The outstanding purchase price, net of the deposit already paid, is deferred through an interest-free seller note and becomes payable upon the earlier occurrence of road access to the property, commencement of construction works or the long stop date.
All outstanding seller notes are payable no later than 30 March 2034. Certain disposals to third parties may result in earlier repayment.
The zoning plan became legally binding on 30 March 2026. Public realm (Sw: Allmän plats) and infrastructure works are being implemented in phases alongside the development of the Blocks, in accordance with the current preliminary development schedule.
Public realm and infrastructure work within Phase 2A are being delivered separately from the individual blocks and coordinated with the development of the Blocks. Each project company is responsible for the development obligations and costs attributable to its respective development plot. Key obligations and costs include:
Approximately SEK 96m in aggregate, based on SEK 1,500/sq m BTA and CPI-indexed from July 2020, payable in equal monthly instalments over 24 months from the zoning plan becoming legally binding.
Connection costs for water and sewage, electricity and district heating. The project will connect to Stockholm Exergi’s grid-in-grid district heating system.
Implementation of the project-specific mobility measures underlying the reduced parking requirements for the respective blocks.
04 / BIG VALLEY
Heba Fastighets AB, reg. no. 556057-3981 and Åke Sundvall, reg. no. 556628-2777 (the “Sellers”), jointly own Big Valley AB, reg. no. 559274-0244 (the “Company”), a holding company established for the development of the project in Stora Sköndal. The Company owns the property-owning companies Stora Sköndal tomt 2.2 AB, reg. no. 559282-5920, Stora Sköndal tomt 2.1 AB, reg. no. 559282-5912, Stora Sköndal tomt 1.1 AB, reg. no. 559282-5896 and Stora Sköndal tomt 1.2 AB, reg. no. 559282-5904 (the “Companies”). The Companies own the freehold properties Harmonin 1 (“Block D”), Försoningen 1 (“Block E”), Helheten 1 (“Block F”) and Skapelsen 1 (“Block G”) in Stockholm. Collectively, the properties are referred to as the “Blocks”. The Sellers have decided to investigate a possible divestment of the Properties through a transfer of the shares in the Companies and have engaged Savills Sweden Investment AB (“Savills”) as their exclusive advisor.
The Blocks will be sold through the sale of the shares in the Company or the Companies.
| Company | Registration number | Property | Block |
|---|---|---|---|
| Stora Sköndal tomt 1.2 AB | 559282-5904 | Skapelsen 1 | G |
| Stora Sköndal tomt 2.2 AB | 559282-5920 | Harmonin 1 | D |
| Stora Sköndal tomt 2.1 AB | 559282-5912 | Försoningen 1 | E |
| Stora Sköndal tomt 1.1 AB | 559282-5896 | Helheten 1 | F |
Potential buyers are invited, based on this Investment Memorandum and in accordance with the bidding guidelines which will be provided at a later date, to submit indicative bids on the Blocks. The indicative bids will serve as base for the final negotiations with the bidder or the bidders submitting the bids most favourable to the Seller. The party or parties nominated to take part in the final negotiations will be invited to carry out a confirmatory due diligence. The party or parties will, in connection with this, receive more detailed information about the Blocks and the Companies. The Seller is not obliged to accept any submitted bids. Savills and the Seller reserve the right at any time and without prior notice to discontinue the sales process or modify the guidelines at any time, and for whatever reason, prior to the execution of a binding share purchase agreement. Irrespective of what reason for the discontinuation or modification of the sales process, each bidder shall bear all its costs incurred in connection with the evaluation of the Blocks and the Companies.
Enquiries regarding the Blocks or the Companies may be addressed to any of the persons below at Savills. Under no circumstances may the employees of the Seller, the tenants or the residents in the Properties be contacted without the approval of Savills.
05 / BIG VALLEY
According to the Swedish National Board of Housing (Sw: Boverket), the Stockholm region continues to face a housing shortage that is expected to persist over the coming years. This imbalance has been compounded by a sharp slowdown in development activity, with housing starts around 40% lower over the past three years than during the preceding three-year period. The shortage is most pronounced for larger units.
The region’s demographic outlook remains supportive of long-term housing demand. Southern Stockholm’s population has grown by approximately 10% over the past decade, increasing from around 1.26 million residents in 2015 to 1.38 million in 2025. Continued urbanisation and population growth are expected to support housing demand in the years ahead, despite slower population growth at the national level.
Normative rents in new production have increased by approximately 40% over four years, partly reflecting developers' efforts to offset higher construction and financing costs. Despite this significant rental growth, leasing performance remains robust in attractive and well-connected locations, indicating that demand for high-quality rental housing continues to support materially higher rent levels.
Vacancy has consequently risen from a low base, with the impact primarily concentrated in less central or less established submarkets. Queue data suggests a similar trend, with newly built rental apartments requiring shorter waiting times than the existing rental stock. The average queue time for newly built rental apartments was 5.6 years in 2025, compared with 8.2 years for the existing rental stock.
Looking ahead, vacancy risk is expected to ease over the medium term as development completions remain subdued. While queue times for new production have lengthened somewhat during 2026 and rent growth has begun to moderate, these trends point to a gradual market normalisation rather than a weakening in underlying demand.
Southern Stockholm has experienced sustained growth in co-operative apartment values over the past decade, with average prices increasing from approximately SEK 40,000 per sq m in 2015 to around SEK 50,000 per sq m in 2025, representing growth of approximately 25%. The area has broadly tracked the wider Stockholm residential market throughout the period, reflecting a positive long-term trend in residential pricing.
106 owner-occupied apartments (Sw. ägarlägenheter) across two development phases developed by JM. The project offers a mix of 1–4 room apartments (28–96 sq m) and forms part of the ongoing transformation of Stora Sköndal. Construction commenced in 2025, with first occupancy scheduled from Q3 2027 and final completion expected in early 2028. Asking prices range from approximately SEK 2.2 million to SEK 6.5 million, corresponding to c. SEK 65,000–90,000 per sq m depending on unit size and location.
Klockelund Strand is a 171-unit residential development by Svenska Hem, comprising predominantly one- and two-room apartments across five buildings. Construction started in 2023 and occupancy has been phased from 2024 onwards. Residential units within the scheme have been sold at approximately SEK 60,000–70,000 per sq m.
Sköndalshöjden, developed by JM, is a recently completed residential development. The project comprises 77 apartments, ranging from one to five rooms, and was completed in 2025. Residential units within the scheme have been sold at approximately SEK 50,000–55,000 per sq m.
