Mustamäe's Most Modern Rental Building MAGMA Studios Gets Its Cornerstone

On Friday, May 27, Scandium Real Estate laid the cornerstone for a new co-living style rental apartment building MAGMA Studios at Laki 24/2. The building will contain 151 one- and two-room rental studios and a wide selection of common areas for residents. The building is being constructed by Mitt & Perlebach.

„There is currently very high demand for rental apartments in Tallinn. It is almost impossible to find a modern, nicely furnished apartment on the rental market today. Under these circumstances, we are building MAGMA at the right time and are already looking forward to the opportunity to open the doors of the building to future tenants," said Maido Lüiste, CEO of Scandium Real Estate.

„We are also very pleased that the MAGMA building will be managed by our own professional Scandium Living, whose service quality and ability to create hospitality are at the highest level. In today's environment, where the rental market has its share of prejudices and fears, an open attitude and standardized processes create good ground for long-term rental relationships based on mutual respect. For our part, we have created many conditions to make life in this building as resident-centered and inclusive as possible – as is typical for rental buildings developed by Scandium, there will be many common areas where residents can spend time together, exercise, and get to know other residents in the building," added Lüiste.

According to Kristjan Mitt, member of the board of Mitt & Perlebach, who is building the MAGMA Studios, they are committed to completing the building on time. „The war in Ukraine has significantly affected the construction market and the availability of building materials. Nevertheless, we have kept the MAGMA building on schedule and plan to complete the building within a year so that it can be opened to tenants at the scheduled time."

Scandium Real Estate AS is a comprehensive Estonian real estate developer that focuses on developing complete living environments where everything needed for life would be conveniently nearby. Green energy, sustainability, and investment in renewable resources are topics that Scandium promotes in its daily work, which is why the company is a founding member of the Green Tiger representative organization. Scandium develops quality of life by creating inspiring environments. www.scandium.ee