On 29 October 2014, the 100% subsidiary of Arco Vara AS Arco Manastirski EOOD accepted the construction works of phase II of Manastirski Livadi residential complex, which commenced in November 2013 and were finished on time. The whole volume of the construction is 16,000m2 from which the above ground saleable area is 12,500m2. On the date of signing the taking over certificate over 70% of the gross saleable area was covered with preliminary sale contracts secured by deposits. The whole alleged sales revenue is over 9 million EUR. Receiving the occupancy permit is expected to take place in December 2014 after which will start the process of concluding the sale contracts of the apartments that will increase the anticipated sales revenue and profit of the whole group in IV quarter.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com