Area developer AM and Ballast Nedam Development have sold 933 homes in Eleven Square—the new mixed-use urban district next to the Johan Cruijff ArenA—to the Bouwinvest Residential Fund. The transaction includes 478 mid-market rental apartments in Amsterdam’s tallest residential tower, 455 student studios, and 3,300 m² GFA of commercial space. Measured by the number of homes, this is the largest new-build transaction in the Dutch residential market.
Eleven Square will become a landmark for the area, featuring Amsterdam’s tallest residential tower. At 145 metres high, it will add a new icon to the city’s skyline. Eleven Square comprises approximately 170,000 m² of floor area—equivalent to around 28 football pitches. The name refers to the new vibrant square with a cluster of buildings and to postcode area 11, of which Eleven Square forms the heart.
Eleven Square is being developed at a unique location, directly next to AFAS Live and opposite the Johan Cruijff ArenA, on a plot measuring 250 by 150 metres. Living, working, culture and leisure will come together around a central square. The complete development includes more than 1,100 homes, both for sale and for rent. In addition, there will be space for retail, hospitality, leisure, sports facilities, flexible offices, a theatre and a hotel. The master plan was co-designed with MVRDV Architects.
During a celebratory moment, the parties formalised the deal signed in December 2025. The purchase marks an important milestone for Eleven Square, which can now definitively move forward. The environmental permit is irrevocable, and the land transfer with the Municipality of Amsterdam has been signed, making the development ready for construction. The sale of the homes is expected to take place in 2028. CBRE acted as sales advisor, with Dentons as legal advisor to the buyer.
Ronald Huikeshoven, CEO of AM:
“Eleven Square is the result of years of perseverance and intensive collaboration. We have consistently held on to the conviction that this location could grow into a fully fledged and vibrant urban district. Seeing this now become reality is a joint effort with Ballast Nedam Development, AM and the Municipality of Amsterdam. With Eleven Square, we are not only adding a large number of homes, but also giving this area a new future as a lively part of the city.”
Onno Dwars, CEO of Ballast Nedam Development:
“Eleven Square is a carefully designed place: modest yet distinctive in its significance for Amsterdam, and Zuidoost in particular. It captures the area’s energy and international appeal, translated into a Dutch urban formula in which living, working, culture and relaxation reinforce one another. Soon, no one will be able to ignore it—whether by bike, train or motorway, Eleven Square will be a recognisable new landmark for the city, literally and figuratively. Beneath the surface, it shows what Amsterdam and Zuidoost truly have to offer. This project is the result of shared ambition and perseverance, and we are proud of the collaboration with all partners, stakeholders and the municipality that made this possible.”
Boost for rental and student housing
The realisation of Eleven Square will make a substantial contribution to Amsterdam’s housing needs, with a clear focus on starters and students. The mid-market rental apartments acquired by the Bouwinvest Residential Fund feature one to three bedrooms and private outdoor space. They are intended for starters, young professionals and (small) families. The student studios are fully self-contained and include shared outdoor spaces, such as gardens on various floors and a sports court.
Steven van Weyenberg, Alderman for Housing and Urban Development, Municipality of Amsterdam:
“With this agreement, after a long time, the start of construction is now in sight for one of Amsterdam’s largest housing projects. The two residential towers will include 1,120 homes, more than four hundred of which are for students. This is a step I am extremely pleased with. It is a breakthrough for an area that is developing into a new residential district in Amsterdam. I wish the developers and contractors every success with the construction of Eleven Square.”
Paul van Stiphout, Fund Manager Dutch Residential Investments at Bouwinvest:
“I am pleased that with this transaction we are creating value for our investors while also making a significant contribution to the Dutch new-build housing challenge. Thanks to an active disposal strategy within the portfolio, we are freeing up capital to refresh the portfolio with new projects such as Eleven Square. We would like to realise many more projects like this, but that requires new capital and a more attractive investment climate. Towards 2035, more than €400 billion will be needed to build sufficient homes. Only if investing becomes and remains attractive can construction output reach the level the Netherlands needs.”
Construction start approaching
The Municipality of Amsterdam has already prepared the site for construction. The build of the first two sub-projects—the residential towers with 933 rental apartments and 187 owner-occupied apartments—is expected to start in the second quarter of 2026. Construction will be carried out by Heddes Bouw & Ontwikkeling. Completion of this first phase is scheduled for 2029. The remaining components, including a theatre, hotel and office functions, will follow thereafter.
The sale of the homes is expected to take place in 2028.
