Tallinn's skyline gets a new landmark: Volta SKAI high-rise construction begins
Today, shovels were driven into the ground in Volta Quarter and real estate developer Endover began the first construction phase of Volta SKAI, a duo of high-rise buildings. The first 12-story tower of Volta SKAI, complementing North Tallinn's skyline, will be completed by mid-2027. This is one of the most anticipated buildings in the area, with pre-sale transaction values already reaching approximately 7.6 million euros before construction began, with an average price per square meter exceeding 9,700 euros.
Endover's CEO Roul Tutt explained that Volta SKAI is Endover's vision of urban space in the future, where architectural quality and a comprehensive living environment create lasting value. "The start of Volta SKAI construction is an important milestone for both Endover and the entire North Tallinn development. The real estate market is stabilizing and we see clear demand for quality residential space, especially in areas where infrastructure, services, and workplaces are within reach. For us, it is a significant indicator that Volta SKAI sales have begun with unexpected success, investor interest is high, and the emission conducted to finance the project was oversubscribed by more than double," said Tutt. "Volta Quarter and the surrounding areas are becoming Tallinn's new face neighborhood."
The beginning of Volta SKAI construction was marked with a groundbreaking ceremony, followed by panel discussions on Estonia's real estate sector prospects, financing of real estate developments, and the vision for the Volta area.
Strong sales success confirms demand
Volta SKAI's pre-sales have exceeded all initial forecasts. Within the first two months, the total value of sold and reserved apartments reached 7.6 million euros with an average price per square meter of 9,700 euros, with the most expensive transaction reaching approximately 13,000 euros per square meter.
Reportedly, one of the largest apartment sale transactions this year, approximately 2.5 million euros, was concluded for a two-level SKAI Villa penthouse apartment in the building. The luxury apartment features approximately a 70-square-meter kitchen-living room, a 60-square-meter roof terrace with sea and old town views, and 3.5-meter-high ceilings.
"Interest in Volta SKAI is high among both homebuyers and investors. In the pre-sale phase, buyers are actively using the opportunity to personalize their apartment's layout and interior design. Our largest single apartment sale in history was also completed while the building was still on paper, which gives the owner the opportunity to create a space solution just right for them," said Endover's CEO Roul Tutt. "Since Volta SKAI remains the only high-rise duo in the nearby area, buyers of tower apartments highly value those pristine views that will open up when the buildings are completed."
Financing of real estate developments: secured bonds as a reliable financing instrument
To finance Volta SKAI construction, Endover's subsidiary Volta SKAI OÜ conducted an 8 million euro bond issue in September, which was oversubscribed 2.2 times. Later this year, the company intends to issue additional secured bonds and list them for trading on Nasdaq First North.
"In investment banking, we work only with developers who have a long and proven track record, and with projects that remain viable even under more conservative scenarios. Volta SKAI clearly meets these criteria," said Silver Kalmus, head of LHV Bank's bond department. "From an investor's perspective, it is positive that Endover offers the opportunity to invest in instruments secured by first-class mortgages, which are suitable for both retail and institutional investors, including insurance companies, which often cannot participate in unsecured bond issues from residential developers," said Kalmus. "Volta SKAI is a development with a valued location – one of those projects where one could also imagine moving to live. I very much look forward to specific terms following Monday's published issuance intention, which investors can analyze."
Arko Kurtmann, Chairman of Coop Bank's Board, said that banks do not view the bond market as competition to banks' lending business, but as an additional financing channel that heals the market. "Well-structured bond issues give developers flexibility at different development stages, while bank loans are better suited to more stable phases. It is important that the bonds are secured and transparent," explained Kurtmann.
Endover's Financial Director Tiina Malm added that criticism associated with real estate development bonds is part of the discussion, but it is necessary to distinguish between secured and unsecured bonds and transparent and non-transparent offerings. "All Endover bonds are secured by first-class mortgages, which means investor risks are hedged. Sales results exceeding forecasts, a bond issue oversubscribed 2.2 times, construction launch, and the developer's long-term experience through various development cycles make Volta SKAI one of the most valuable developments in the local real estate market," said Malm.
Volta SKAI – architecture that serves lifelong functionality
The architectural solution for Volta SKAI was created by the ARS Project team, whose portfolio also includes Tallinn high-rises such as Maakri Quarter and Rocca Towers. The first Volta SKAI tower will have 70 apartments ranging from 35 to 200 square meters. The apartments are characterized by floor-to-ceiling windows, ceilings up to 3.5 meters high, and panoramic views of the old town and Tallinn Bay starting from the fourth floor. Because the building is located on a higher landscape platform, SKAI homes also overlook the Noblessner yacht harbor and the peninsula's coastal nature.
Volta SKAI consists of two 12-story towers with a total area of 18,600 square meters. Construction of the first tower began at the end of 2025 and the building will be completed in mid-2027. The architecture of the buildings was designed by ARS Project and the developer is Endover.
Volta Quarter – more than half already complete
Volta SKAI is part of the larger Volta Quarter, half of which is already complete today. In December 2025, the largest MyFitness sports club with approximately 2,000 square meters of training space will open in the area, and a paddle club Endover Volta Padel with four modern panoramic courts has already begun operations.
The quarter is developing according to the 15-minute city principle – everything needed for daily life is within arm's reach. Plans include opening restaurants, cafes, grocery stores, and services, a kindergarten is being planned, and at the heart of the quarter is a 15,000 square meter highly landscaped park area. According to Citify data, Volta Quarter has been Tallinn's most preferred new development over the past two years. The company Wise has moved to the North Tallinn area with several thousand employees, and according to various forecasts, the district will gain approximately 40,000 new residents and workers over the next 5–10 years.
