Estonia, Investments, Real Estate

Metro Plaza in Tallinn.

The total cost of the project is estimated to be around 100 million kroons. The company has already started earthworks for first buildings.

The architect of the project is Ülo Peil who said that unique phenomenon of the project was fully underground parking.

Sulo Nigul, the Board Member of MCM, said that pre-sale of the apartment has gone well and a third of the apartments has been booked before the actual start of the construction.

"The time was starting construction was favourable and that the tender and funding arrangements have gone well. Construction prices are still in reasonable levels and banks are ready to support good projects," said Nigul.

In the first phase, the company will build three apartment buildings with 40 apartments to be completed in the summer 2011. General contractor is Riito Ehituse.

According to the commercial registry, the shareholder of MCM are Mart and Madis Habakuk, Arle Mölder and Sulo Nigul.

Metro Capital Management operates real estate investments on behalf of its clients and is active in real estate development.

The company's projects include A class prime office building Metro Plaza in Tallinn, Pirita Rannahoone in Tallinn, dwelling projects in the capital of Estonia, Krasta 99 as well as other dwelling and office projects in Riga and Jurmala.