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The volume of the construction agreement is 12.6 million euros excluding VAT, Pro Kapital told the stock exchange.

Construction will begin in July and the building will be commissioned and handed over after 18 months, in the winter of 2017.

Seven construction companies registered in Latvia took part in the competition. The general contractor is tasked with the full scope of the construction and building of connections to all the engineering networks, as well as readying the premises and landscaping the coastline.

River Breeze Residence, located at Kugu Street 28, is the first building to be built as part of the Kliversala area development developed by the A/S Pro Kapital Latvia subsidiary SIA Kliversala. The total area of the seven-floor building is 12,850 square meters and the building will also have two underground parking levels. At present 48 apartments are planned with areas ranging from 56 to 316 square meters. At this moment eight prepurchase agreements have been signed.

"We are aware of how important the Kliversala area is for Riga's urban environment, and we are planning the development of this territory with special reverence. The architects are planning to integrate River Breeze Residence seamlessly into the natural environment by decorating the roofs and roof terraces with greenery and plants," said Paolo Michelozzi, CEO of AS Pro Kapital Group.