The Swedish giant will aim to achieve margins of between 3.5-4% worldwide for construction projects as it plans to grow workloads at a faster rate than rivals.

A key component of the new strategy will be the launch of a new residential development arm in the UK focusing on London and the south east. The first projects are due to start on site in 2011.

The firm said: “Skanska has long had a large and successful construction operation in the UK. The financial crisis and the dramatic decline in the housing market have now created excellent opportunities for entry as a residential developer.

“There is a big long-term need for high-quality residences and the extensive environmental requirements on new residences will also create opportunities for Skanska.

“Skanska has been focusing for some time on examining the UK market and preparing land acquisitions. The objective is to initiate the first projects in 2011 and the focus will be on the London area and nearby areas within commuting distance.

“The President of the operations is Magnus Andersson, who has worked in Skanska for eleven years, including as Regional Manager of Skanska Infrastructure Development.”

The global business plan for 2011-15 is focused on four areas – construction operations, residential development, commercial property development and infrastructure development.

Skanska plans to pump more money created by the cash flow generated by construction operations into its project development arm.

Johan Karlström, Skanska’s President and CEO, said: “We are well-equipped to commence expansion now.

“After a few years of consolidation, we currently have a strong focus on risk management and excellent profitability; we have also survived the financial crisis and are strongly equipped financially.

“We now have excellent growth potential in construction operations as well as in our project development.

“We foresee excellent growth potential in residential development in the coming years. In the Nordic region, our target is to become market leader and in the UK, we now have an excellent opportunity to enter the market.”

The business plan states: “Construction operations will increase in volume and maintain good margins, among the best in the industry.

“The volume must increase more rapidly than general market growth, which means that Skanska will capture market shares.”