Estonian Quarter Built in Riga for 14 Million by Estonians Chosen as Latvia's Residential Project of the Year

Skanstes Residences, developed by Estonian real estate developers Invego and Reterra in Riga for 14 million euros, won the annual residential project award at the BREL Forum (Baltic Real Estate Leaders Forum), an international real estate conference held in Latvia.

The Skanstes Residences residential quarter was recognized as the best residential real estate project of the year by a jury composed of real estate industry leaders and experts from BREL Forum. "Without a doubt, the recently completed Skanstes Residences is a remarkable new development. The recognition received clearly demonstrates how highly our southern neighbors value the quality and experience of Estonian developers," comments Invego CEO Kristjan-Thor Vähi and recalls that Parka Kvartals residential area, completed earlier this year through the collaboration of Invego and Reterra, also received recognition at Latvia's construction industry annual awards in spring. 

According to Reterra CEO and owner Reigo Randmets, this is an important recognition for the collaboration and the goal to contribute to the development of Riga's living environment. "Last week was particularly successful for us, as it brought recognition to two developments in two different countries and cities. In the development of both Hipodroomi quarter and Skanstes Residences, we have paid great attention to architecture, well-thought-out planning, and creating a comprehensive living environment. All the more, we are pleased to see that the work done receives recognition more widely," says Randmets.

Construction work has already begun on the third joint development by Invego and Reterra, Miera Residences. "Both the recently completed Skanstes Residences and Miera Residences, which is now under construction, have also been popular among Estonian investors, who have already purchased more than twenty investment apartments in these developments," describes Vähi.

Skanstes Residences is located in Skanste, which has become one of Riga's fastest-developing and most promising areas. The residential quarter, designed by architectural firm Salto Architects, consists of two eight-story A-energy-class residential buildings with a total of 67 modern premium apartments. The project has paid special attention to natural light, spaciousness, and modern comfort. The homes are characterized by large windows, balconies and private terraces, loft-like layouts and high ceilings, which in some apartments reach up to six meters. Residents also have access to roof terraces and, as an added convenience, a spacious underground parking lot.