Construction, Estonia, Good for Business, Legislation, Real Estate

The apartment building is a part of the Tondi Residential Quarter. In the first stage of the construction, a five-storey building containing 31 apartments with semi-underground parking floor will be built. The contract also includes the construction of the quarter's central plaza, necessary roads and external networks.

The value of the contract is approximately three million euros (excluding the value-added tax, VAT). The construction begins in February 2014 and the duration of the works is approximately 11 months.

In addition Nordecon and Marsi Elu have agreed on option for the second and third construction phase, exercising of which will result in 62 additional apartments.

On February 25, 2014, nine apartments out of 31 are covered by conditional sales agreement. Prior to start of the construction 29 percent of all apartments have found a buyer.

"It is satisfactory to conclude an agreement where in addition of getting a new job we as a construction company manage to contribute to enhancing the value of a beautiful and historic area. This area of Tondi deserves a fresh start, and starting the new development will undoubtedly bring a new breath to the area and create additional opportunities for development” said Nordecon AS Board Member Avo Ambur.

"Tondi Residential Quarter will be the first complete living district built in the vicinity of the Tallinn city center, which is built in 21 century and based on the modern values. Green thinking, energy-saving and modern living area will be created on former manor lands and later territories of Tondi barracks, for benefit of which the first apartment buyers have already decided." said AS Pro Kapital Grupp CEO Paolo Michelozzi.

Marsi Elu is a real-estate development company established in 2014 for the development of Marsi 3 / 3a / 3b residential building located in Tallinn. All shares of OÜ Marsi Elu belong to AS Tondi Kvartal. AS Tondi Kvartal is a company established 07.10.1997, which belongs 100% to AS Pro Kapital Eesti. AS Pro Kapital Eesti is 100% subsidiary of AS Pro Kapital Grupp. AS Tondi Kvartal is the owner of the land plots needed for the development of the Tondi residential area.

Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically, the group operates in Estonia, Ukraine and Finland. The parent of the group is Nordecon, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than ten subsidiaries in the group. The unaudited consolidated revenue of the group in 2013 was 174 million euros. Currently, Nordecon employs more than 700 people. Since May 18, 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.