FINLAND —Swedish construction group NCC has been appointed to deliver a major redevelopment of the Munkkivuori shopping centre in Helsinki, Finland, under a contract valued at approximately SEK 500 million. The assignment, commissioned by property owner Munkkivuoren ostoskeskus Oy, involves upgrading the existing retail complex while introducing new facilities to accommodate contemporary commercial and operational requirements.
The development encompasses approximately 23,000 square metres and combines extensive refurbishment with new construction. Planned works include modernisation of retail units, building facades, courtyards and pedestrian access areas, alongside improvements to the centre’s technical systems and energy efficiency. Parking capacity will also be expanded to support accessibility and accommodate visitors. A key component involves demolishing the existing north wing and replacing it with a new building, while retaining the shopping centre’s defining architectural characteristics.
Originally established in 1959, Munkkivuori is recognised as Finland’s oldest shopping centre. Its redevelopment represents an investment in the continued use of an established commercial property rather than the development of an entirely new retail destination. The approach combines preservation of the existing architectural identity with upgrades intended to extend the building’s operational life and improve its suitability for modern retail activities.
Preliminary activities have been completed, with demolition and groundwork already underway as the project moves into its main construction phase. Completion is scheduled for autumn 2028. NCC expects to register the approximately SEK 500 million order in its Building Nordics business area during the fourth quarter of 2026.
The contract highlights continuing demand for the modernisation of established retail properties across Nordic urban markets. For shopping centre owners and property investors, upgrading existing assets can provide an alternative to developing new commercial space, particularly where established locations and existing infrastructure remain valuable. Improvements to energy performance, building systems and customer access can also support long-term asset functionality and operating efficiency.
The project will involve several construction disciplines, including structural renovation, demolition, civil engineering, building services and new-build delivery. It also creates a multi-year construction workload for contractors and associated suppliers in Finland. NCC, a Nordic construction and infrastructure group headquartered in Sweden, operates across building construction, infrastructure and property-related projects. The Munkkivuori assignment further expands its contracted workload in the Finnish building market, while giving the property owner a phased route to modernise a longstanding retail asset without replacing the entire complex.
