Tallinn, 2014-12-22 15:34 CET (GLOBE NEWSWIRE) --
On 25.02.2014 AS Pro Kapital Grupp group company OÜ Marsi Elu and AS Nordecon concluded the contract for construction of Tondi Residential Quarter located at Tallinn Kristiine district. The construction contract is split into three phases.
In the first construction phase a 5-story residential building with 31 apartments, semi-underground parking floor, central plaza and necessary roads and external networks is being built. AS Nordecon started with works of first construction phase in February 2014 and the planned completion of the works is January 2015.
As of 22.12.2014 17 apartments out of 31 apartments of the first building are covered by sales agreements (55% of all apartments).
OÜ Marsi Elu has on 19.12.2014 notified AS Nordecon to start with the works of the second construction phase. Residential building with 31 apartments will be constructed in the second construction phase. AS Nordecon has started with the works and the planned completion of the works is November 2015. The price of the construction works of second construction phase is approximately two million Euros, to which VAT is added.
As of 22.12.2014 7 apartments out of 31 apartments of the second building are covered by sales agreements. Before the start with the construction works 22% of the apartments of the second building have found a buyer.
In addition Nordecon AS and OÜ Marsi Elu have agreed the option for the third construction phase, exercising of which will result in additional 31 apartments to be built.
"We are pleased with the sales results of the residential building we started constructing in February this year. The interest in the Tondi Residential Quarter has given us the assurance to start with the construction of the next building. At its completion Tondi Residential Quarter will be the first complete district built close to the city center, which is built in 21 century and based on the modern values" said AS Pro Kapital Grupp CEO Paolo Michelozzi.
Additional information:
More precise information on Tondi Residential Quarter can be found at www.tondilinna.ee
OÜ Marsi Elu is a real-estate development company established in 2014 for the development of Marsi 3 / 3a / 3b residential building located in Tallinn. 65% of the shares of OÜ Marsi Elu belong to AS Tondi Kvartal. AS Tondi Kvartal is a company established 07.10.1997, which belongs 100% to AS Pro Kapital Eesti. AS Pro Kapital Eesti is 100% subsidiary of AS Pro Kapital Grupp. AS Tondi Kvartal is the owner of the land plots needed for the development of the Tondi residential area.
Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv
