Modular housing venture BoKlok UK has exchanged on its first three development sites.
The joint venture between Skanska and Ikea, which launched in the UK last year, has bought sites in Worthing, Bristol and Peacehaven for its first three schemes. Subject to planning permission, the developments will provide a combined 400 homes.
The majority of the homes will be for market sale however a portion will be sold to local authorities and housing associations.
The JV, which will build houses badged as low-cost and environmentally friendly, uses off-site construction, which the JV claims allows for cost control and minimised material waste.
The first of the developments is expected to complete in 2021.
“We are delighted to meet this first milestone for our UK business. We are grateful to our partners and the local authorities we are working with who have been supportive in sharing our vision of sustainable, quality, low cost homes for all,” said BoKlok president Jonas Spangenberg.