This is the second phase in the sale of development rights in the area, following the completion of the first phase in May 2022. In this phase, approximately 17,600 square meters of residential development rights and 2,800 square meters of commercial development rights are being offered on two separate plots.
Vetrarmýri is a 20‑hectare development area, fully owned by the Municipality of Garðabær, bordered by Hnoðraholt to the north, Reykjanesbraut to the west, Vífilsstaðavegur to the south, and the GKG golf course to the east.
The planned total size of development in Vetrarmýri is around 78,000 square meters of residential buildings and 45,000 square meters of commercial properties, with a maximum of 785 apartments.
Bids are requested by 13:00 on Wednesday, 24 September 2025.
Interested bidders may access the sales documents on Garðabær’s tender website.
All inquiries should be directed to the email address vetrarmyri@islandsbanki.is, and purchase offers must be submitted in a sealed envelope to the reception of Íslandsbanki, 9th floor, Hagasmári 3, 201 Kópavogur, before the above deadline.
Bids will be opened at 13:30 the same day at the offices of Íslandsbanki, in the presence of bidders who wish to attend.
