The construction of the second apartment building of Kodulahe development project is starting

Arco Vara AS’s 100% subsidiary Kodulahe OÜ signed the construction contract with RAMM Ehituse OÜ for constructing Kodulahe residential development project’s second stage apartment building. The contract price exceeds 7 million euros. Construction starts at the beginning of May 2018, the apartment building should be ready in the fourth quarter of 2019. The construction is financed by Luminor Bank AS.

The second stage apartment building’s address is Lahepea 9, Tallinn. 68 apartments and 1 commercial (net sellable area above grade ca 5000m²) are planned in the building. The architectural solution of the apartment building has been drawn up by the architects of KAMP Arhitektid OÜ, who also composed the design of the project’s first stage. The construction permit of the second stage’s apartment building was issued on 20 December 2017.

The presale of Kodulahe development project’s second stage commenced in April 2018. Detailed information of the project can be found on the webpage www.kodulahe.ee.

Arco Vara AS CEO’s comment: "The high constructions prices in Estonia posed a challenge to Arco Vara and its profit margin. Regardless, Tallinn continues to grow and the values of Kodulahe’s residential quarter attract clients who value green living environment and athletic lifestyle. The amount of clients who have pre-purchased an apartment on paper in the second stage is relatively the biggest in the history of Arco Vara and we commence the construction knowing the names and desires of many clients. The results of the second stage will be revealed in the fourth quarter of 2019 and the first quarter of 2020. As of now, the group has ongoing construction in Bulgaria and Estonia at the same time.”

Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee