Addition of a development project in Põhja-Tallinn

Liven AS entered into a cooperation agreement with Oma Grupp OÜ for the realisation of a development project and the establishment of a 50/50 joint venture for a property at Erika 6a and 6b in Põhja-Tallinn. According to the existing detailed spatial plan and the issued building permit, it is possible to build two six-storey residential buildings and a nine-storey building, combining a reconstructed water tower and a new building section on top of it. The development project envisages the construction of a total of 68 homes with a total selling area of approximately 4,900 m².

Sales of the first homes are planned to start in the summer of 2025, with construction starting towards the end of the same year, and the end of the project’s construction scheduled for 2027. PIN Arhitektid OÜ is the architect of the buildings and Oma Ehitaja AS is the general contractor. The total estimated investment for the development project, including the construction of the buildings, is more than EUR 16 million.

“Joint projects with landowners are a great opportunity for Liven to create homes in locations that are so good that they are not for sale,” commented Andero Laur, chairman of the management board of Liven AS. “Liven has had a number of successful cooperation projects with Oma Ehitaja AS in the past, the most recent being the soon-to-be completed Iseära apartment buildings. We are very pleased that the previous cooperation has led us to a new form of cooperation and new projects.”

Laur added: “We are also very pleased that we were able to once again supplement Liven’s development portfolio with a project in an area where we did not have an active offer and which we can start selling in a relatively short period of time.”

Joonas Joost
Liven AS CFO
E-mail: joonas.joost@liven.ee