Note 23 Project and development properties
|Housing development rights||5,116||4,125|
|Commercial development rights||627||675|
|Projects under construction||383||736|
After a revision of Peab’s property portfolio it was decided that some property previously reported as project and development property, i.e. inventory properties, will instead be classified as operations property or investment property, in the case where there is no plan to divest the property and it is expected to remain in the Group for the foreseeable future. For this reason, as of 1 January 2017 properties for a total recorded value of SEK 619 million have been reclassified as operations property and properties for a total value of SEK 629 million have been reclassified as investment property. The reclassification of these properties is forward-looking and therefore no comparable figures have been recalculated.
Project and development properties were written down during the year for a total of SEK 22 million (59). Loan interest of SEK 16 million (6) has been activated during the year.
Of the reported value of project and development property of SEK 6,439 million (7,007) some SEK 4,200 million (approximately 5,100) is expected to be recovered through the start of production or sales more than 12 months after the balance sheet day. The remaining part is expected to be recovered within 12 months of the balance sheet day.