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International Internet Magazine. Baltic States news & analytics Wednesday, 20.03.2019, 18:10

Bonava Latvija to invest EUR 40 mln in development of Dreilina Majas housing project

BC, Riga, 09.01.2019.Print version
Real estate developer Bonava Latvija has begun construction of a new complex of apartment buildings, Dreilinga Majas, in Stopini Region near Riga, as the company told BC.

he developer will invest EUR 40 mln in the project - construction of 16 new apartment buildings. The first round of the project is to be complete by the end of this year.

The new apartment buildings will be located in Dreilini village between Lubanas and Bikernieku roundabouts. During the first round of the project, 58 apartments will be built, and by the end of the project in 2023, there will be 700 new apartments.

According to Bonava Latvija development projects manager Martins Vonda, the project targets those who wish to live in a green neighborhood and, at the same time, just a quick drive from the Riga center.

There will be at least 30 people working on the construction site at any given time, except on days when temperatures fall below 5 degrees Celsius.

Receiving construction permit for the Dreilinga Majas project took 77 days, and this is the first time in the history of Latvia's construction industry that the construction project was submitted, harmonized, and received all the necessary permits electronically.

So far, more than half of apartments in the first house to be completed - 58 - have already been sold.

In 2017, Bonava Latvija sold 131 apartments and private homes in Riga, which is 11% of all apartments sold in Riga last year.

Bonava is a residential development company in Northern Europe that was formerly part of the NCC company. Bonava has 2,000 employees at the moment and operates in Sweden, Germany, Finland, Denmark, Norway, Russia (St. Petersburg), Estonia and Latvia, with sales of SEK 14.5 bn (EUR 1.44 bn) in 2017. Bonava's shares are listed on Nasdaq Stockholm stock exchange.

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