Arco Vara AS’s subsidiary Kodulahe OÜ and RAMM Ehituse OÜ signed yesterday construction contract for construction of the first stage apartment building in residential development project located in Tallinn.
The contract price exceeds 10 million euros. The construction starts at the end of February 2016 and apartment building should be ready in July 2017.
On 3 February, Kodulahe OÜ and Nordea Bank AB Estonia Branch concluded loan contract with total loan limit of 9 350 thousand euros for financing the construction of apartment building.
Kodulahe first stage apartment building with 125 apartments and 5 smaller commercial spaces (net sellable area above grade over 8,700 sqm) will be located in Lahepea street 7 Tallinn. The apartment building will be part of living environment, with the area of 2.8 ha in district of Mustjõe and Merimetsa. Project data could be found in the webpage kodulahe.ee.
Arco Vara acquired Kodulahe project’s property in June 2013. Detail plan for building 330 apartments was adopted in September 2014. Design contest for electing best architectural solution and designer was conducted in November 2014. Construction permit for building first stage apartement building was issued on 30 September 2015. In fourth quarter, the group was occupied on election of best construction company and financing provider.
Marketing started in October 2015 and first pre-sale agreement was concluded two days ago, on 9 February.
Comment from Arco Vara management: “With its Kodulahe project, Arco Vara is finally back in Tallinn residential development market.“