BlueOrange provides EUR 3.7 million for the development of “Mārupes nami” project
August 27, 2020
The real estate developer of “Ventas 27” project in Marupe launched the second stage of the construction of “Mārupes nami” multi-apartment building project, with funding provided by BlueOrange of 3.7 million EUR. In the scope of the project, a four-story multi-apartment building in the total area of 9400 m2 will be constructed in Marupe at Ventas street 27.
“Riga and outskirts of Riga are experiencing rapid development in recent years, young families and young people choose to live in new housing projects or renovated homes, so there is need to replenish the dwelling stock. However, despite statistics on the stability of real estate sector in Riga and the outskirts of Riga (the emergency situation did not result in any significant decrease in demand), the overall mood of the financial sector regarding financing real estate development projects is cautious. BlueOrange, in response to market demand, supports financing of sound, high-quality projects,” notes Marina Antonova, head of BlueOrange Credit Department.
The new project is expected to comprise a total of 100 apartments, 47.3–110.14 m2 each, and storage facilities. Also, an overhead parking lot for 163 cars will be constructed nearby the housing complex. The new building is being constructed in a place where, as part of the first stage of the project, a multi-apartment house on Ventas street 25 was built. The construction and commissioning of the second building of “Mārupes nami” project is scheduled to be completed by September 2021, and the pre-reservation of the apartments in the building has already started.
“The largest demand in the market currently is for small two-room and three-room apartments suitable for couples and young families. This is due both to changing buying habits and financial considerations. The price per square meter and the location of real estate are the main factors that are currently important for buyers. People working in Riga are increasingly looking for housing outside the centre, and Marupe is one of the most prospective areas in this regard due to its geographical location, good infrastructure and high quality of life. Despite demographic trends and the overall population decline, the outskirts of Riga is the only region where the population grew last year,” says Liga Zvirbule, head of sales at “Mārupes nami”.
The construction jobs commissioned by SIA “Ventas 27” will be carried out by the contractor SIA “Monum”. During the design stage of the project a particular attention was paid to energy efficiency and technical solutions that reduce payments for utility services and other costs in the long-term. Each apartment is equipped with individual water, electricity and heating meters, with an automatic reading function. The project includes a gas-fired boiler house located in the territory of “Mārupes nami”, that will provide heating for the residents of Venta 25 and Venta 27.
The first stage of construction of “Mārupes nami” project was launched at the end of 2018. The four-story building on Ventas street 25 was commissioned in January 2020, with a total of 76 apartments, 39.3–104.2 m2 each.