The 6.5 acre site in Cambridge forms part of Countryside Properties’ Great Kneighton development.
It has outline planning permission for 128 properties including both houses and apartments.
Skanska will now seek detailed planning permission for its new properties which will be delivered Level 4 of the Code for Sustainable Homes.
The detailed planning should be concluded during the first half of 2011 with construction planned to start later this year.
Magnus Andersson, President of Skanska Residential Development UK said: “I am delighted we have secured our first land deal for residential development.
“Cambridge is a very vibrant market and Great Kneighton is in an excellent location close to the M11. This marks the start of an exciting new journey for Skanska in the UK.”
Richard Cherry, Deputy Chairman of Countryside Properties said: “We are delighted to be working with Skanska on their first residential project in the UK.
“We share a similar vision which will be realised at Great Kneighton that will ultimately comprise 2,550 new homes and a wide range of community facilities.”