Tallinn City Council adopted on 4.09.2014 the detail plan of Paldiski 70c and thereto completed the public spatial planning procedures of that residential quarter. As a result, the development project’s gross buildable area above grade amounts to 32.000 square meters and estimated gross sellable area amounts to 27.500 square meters. The development project belongs to AS Kolde, the Group’s 100% subsidiary.
AS Kolde is presently conducting an architectural competition for the residential quarter. Execution of design contract is scheduled for Q4 2014 and construction works are planned to commence in the 2nd half of 2015.
In conjunction with the adoption of the detail plan and acquisition of suitable building right to the land plot, the Group’s management is going to reverse the discount of the asset value made in 31.12.2012 in the amount of 572 thousand EUR.
Evelin Kanter
Lawyer
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com