The project assumes a clubhouse type residential building developmentin Kengarags, a microdistrict of Riga, Latvia.
The object is located at Prusu iela 1A and is just 7 km or 12 minutes of driving distance away from the city center, near the bank of the river Daugava.
Currently the object is under construction and is supposed to be commissioned in 5 stages with a total number of new apartments delivered to the market amount to 129. All apartments will be offered for sale with full finish. It is planned to sell all apartments within 2-3 years upon commissioning. Additionally, the project will have 86 suites of rooms and 950 sqm of commercial premises on the ground floor.
The estimated sale price ranges between 1,300 and 1,500 EUR/sqm. Reservation of apartments and pre-sales will be started on or before commissioning of the building. The total anticipated sale revenues are 13.4 million EUR.
The total square of the apartment house is 12,515 sqm. Total project investments amount to 9.1 million EUR, of which ca. 4.1 million EUR are equity investments of project developer company. At the moment the construction works completed amount to 4.8 million EUR, or 53% of the total project magnitude.
Kengarags is a microdistrict with a high development potential. A new large shopping mall Akropole is located just 500 m away of the object. Two new large residential projects commissioned by Bonava Latvia in neighboring localities have been successfully sold out in the recent years.
There are several higher education institutions located in the surroundings of the object, thus it targets foreign students to offer compact, fully equipped and comfortable apartments with an area of 17-25 sqm.
The project will provide a high level of comfort: high ceilings (3 m), enchased soundproofing, 24-hour concierge service and high-speed elevators. It meets highest modern energу efficiency standards, such as the use of sun batteries, reinforced insulation of building walls, triple-glazed windows, and recuperative ventilation.
The current appraised market value of the object under construction is 4.64 million EUR and estimated future value upon completion is 9.57 million EUR.