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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 21:12

Kopli Lines development in Tallinn may cost over EUR 100 mln

BC, Tallinn, 24.05.2018.Print version
Representatives of the company OU Fund Ehitus and the City of Tallinn on Wednesday laid the cornerstone of the Kopli Lines new development on the Kopli peninsula in Tallinn and according to CEO of Fund Ehitus Eiki Rump, the development of the entire area may cost at least 100 million euros., informs LETA/BNS.

"The three five-storey residential buildings of the first quarter should be completed at the beginning of next year so that the new homeowners can already watch television," Rump told BNS.


Due to construction prices that have increased in recent years, the construction cost of the development of the entire area will likely exceed the initially planned investment, which was between 55 and 65 million euros. "If said that the construction cost of the entire Kopli Lines development is between 100 and 200 million euros, you are not very wrong. But exact numbers can be determined when the last houses have been built," Rump said.


By now, altogether three apartments located in the buildings at 18 and 20 Sepa Street have been covered with pre-sale agreements and altogether 20 apartments have been booked. Rump said that the pre-sale of the second stage will being in July, while the sale of the rest of the apartments on Sepa Street will begin in August and October.


Fund Ehitus has assumed the responsibility of building the houses in the acquired area according to the urban planning vision submitted in its offer and must also ensure the construction of the area's infrastructure.


"The developer is to turn this landmark Kopli area into a safe and family friendly comprehensive living environment, which is especially fitting for young families. There will be promenade and sporting grounds and playgrounds along the beach. When planning the new development, the basis for it to a large extent is the existing road network and the existing cobblestoned street will also be preserved," Tallinn Deputy Mayor Eha Vork said.


According to the vision presented to the city, Fund Ehitus will build out the area in six stages. The construction works of the first quarter should have lasted from 2016 to 2018, the works of the second quarter are to last from 2018 to 2022, the third quarter from 2021 to 2023, fourth and fifth quarter from 2023 to 2024 and the last quarter should be completed between 2024 and 2026.


Tallinn's urban planning department in December 2017 issues the building permits of the buildings of two quarters of Kopli Lines.


Fund Ehitus acquired the seafront properties on the Kopli peninsula in Tallinn known as Kopli Lines from the City of Tallinn in November 2015 for 1.9 million euros.






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