New-Järveküla Residential Area Construction to Cost 34 Million Euros

The new Uus-Järveküla residential area, which is being developed jointly by EfTEN United Property Fund and Invego in Rae municipality, has been won by NOBE, with a contract value of 34 million euros.

According to Kristjan-Thor Vähi, the head of Invego, which is developing Uus-Järveküla, the company has selected NOBE as its construction partner based on good experience from building the Tiskreoja, Tabasalu Kodu and Luccaranna residential areas. "Experience alone is not decisive, however – NOBE made a truly good offer that provides both the developer and every homebuyer with a strong guarantee in the current, to put it mildly, somewhat challenging market conditions," Vähi emphasized.

"This is our fund's first investment in residential real estate development in Estonia, so we are following every milestone with special interest. The project is progressing exactly according to plan so far and that is gratifying," explained Kristjan Tamla, head of EfTEN's retail business, noting that anyone can become a co-investor in the project today by purchasing shares in the EfTEN United Property Fund for as little as 10 euros.

"We share the same views with Invego on creating complete living environments, where emphasis is placed on the comfort of future residents, beautiful and functional architecture and, of course, the quality of construction, which we do not compromise on," said Mait Rõõmussaar, chairman of the board of Nordecon Betoon OÜ, operating under the NOBE brand.

Uus-Järveküla will have a total of 149 townhouses and 16 semi-detached houses. Construction work is scheduled to begin in the spring of this year, with the first homes completed in the spring of 2023 and the entire residential area finished during 2024. The Uus-Järveküla residential area is being designed by PIN Architects. Prices for townhouses start from 269,900 euros. More information can be found at www.uusjarvekula.ee

EfTEN Capital is the largest commercial real estate fund manager in the Baltic countries. The assets managed by EfTEN Capital amount to 1 billion euros and EfTEN Capital manages seven real estate investment funds in total. The company has representatives in all three Baltic countries and employs over 50 people in total.

Invego is Estonia's leading developer of comprehensive residential areas, under whose management the Vana-Peetri residential area located near Uus-Järveküla has been completed, and the Tiskreoja, Tabasalu Kodu and Luccaranna residential areas are currently under construction. Over the past five years, the company has built homes in Tallinn and its surroundings for more than 500 families.