YIT and BTA Baltic Insurance Company to establish a co-investment for Baltic housing investments
Developer of residential property LTD ‘YIT Celtniecība’ has started construction of house complex ‘Riverstone Residence’ in Ķīpsala. Construction of these buildings will complete the real estate market in Riga with new business class and energy effective apartments the demand of which has not ceased in recent years in Latvia as this type of apartments are supposed to be a successful investment in the future.
Developer of residential property LTD ‘YIT Celtniecība’ has started construction of house complex ‘Riverstone Residence’ in Ķīpsala. Construction of these buildings will complete the real estate market in Riga with new business class and energy effective apartments the demand of which has not ceased in recent years in Latvia as this type of apartments are supposed to be a successful investment in the future. The residential complex will comprise six buildings the first of which is due to be put into operation in the autumn this year. The value of the project is about 10 million euros.
The project of residential complex ‘Riverstone Residence’ comprises construction of six buildings in Ķīpsala. Currently ‘YIT Celtniecība’ is continuing work at construction of the first building that was started in the autumn, 2015, and in the end of May the ridgepole celebrations of this building took place thereby celebrating finalisation of one of the most important phases of constructing a building – the framework and the rafter of the building have been erected. It is projected that entire ‘Riverstone Residence’ is due to be completed in the end of 2018.
Andris Božē, chairman of ‘YIT Celtniecība’: ‘Demand for those apartments of new projects that may be supposed as a good long-term investment is still stable in Latvia. Quality and energy effective apartments of the entire needed infrastructure for the residents’ convenience are recognised as such. The main value of this complex of buildings is also its quality, energy efficiency and, of course, its location. The complex is geographically located in the centre of the city, on Ķīpsala Island but at the same time it is a peaceful neighbourhood with green environment and proximity of the Daugava River. The infrastructure is well developed there – near the complex of buildings a shopping centre is located as well as the new yacht landings, a swimming pool, gyms, the public transportation and restaurants. Also this place is highly convenient for those who prefer cycling for traveling, and even for pedestrians the Old City is within a distance of walk.’
In the new project of residential complex three-storey buildings are envisaged where each of them will comprise 10 modern, quality and comfortable two, three, four and five room apartments with large terraces or balconies. The projected area of the apartments – from 56.1 m2 to 143.6 m2. Parking spaces will also be available in the territory of the complex.
The surrounding territory will be facilitated with paved roads, plantations of various new trees, decorative plants and bushes, and lightning; also a children play-ground will be arranged.
‘To our mind Ķīpsala is characterised by greenery and charm of wooden buildings. It is exactly what we are trying to integrate in the new project. It is planned to arrange both wooden windows and wooden façade elements in the buildings, as well as to build the garret-floors that are so typical for Ķīpsala. Construction itself will be performed by sustainable, environment friendly and high quality finishing materials. When constructing these buildings we take ultimate care of energy-efficiency of the construction so to decrease energy consumption of heating and the maintenance costs,’ tells A. Božē.