Construction, Estonia, Good for Business, Investments, Latvia, Real Estate

Construction of the Lucavsala quarter will launch in spring 2021, the company's real estate development director Mikus Freimanis told.

The whole quarter will be completed in five years, but the first residents will be able to move in by the mid-2022. The project will be conducted in three stages.

The Zakusala project will be performed in at least ten stages.

The Lucavsala project will include residential homes with supporting commercial premises, while in Zakusala Merks could build also an office building. In total, Merks plans to build about 2,500 apartments in Zakusala and about 600 apartments in Lucavsala.

Merko Ehitus said in an announcement to the stock exchange on Wednesday that the development and investment volumes named in the articles are preliminary estimations and subject to change. It said Merko Ehitus will issue stock exchange announcements about the actual volumes of the developments and their timeframes when the respective decisions have been made and the development works have started.

Merks posted 144.4 mln euros in sales for 2018, marking an increase by 90.1% over 2017, while its profit shrank 6.3-fold to 2.47 mln euros.