|
|
Estonian capital company Eurox LT is already operating in Lithuania and will begin this autumn to realise its first investment project in Vilnius, a multifamily house on Mindaugas Street.
The Estonians promise that their first project will not be ordinary and will be distinguished by both its architecture and the manner of its construction.
Lithuania selected for investments
‘So long as the Russians or Bulgarians do not care what their homes are made of or about well-planned flats, we will not work there.
‘We are coming to Lithuania since this is important to you like it is to us,’ answered Neeme Nomme, CEO of Estonia’s Eurox real estate development company, to the question of why Lithuania was selected for foreign investments.
This real estate development company belongs to the Estonia’s Nordecon holding company.
It also belongs to one of the largest construction companies in the Baltic States, Eesti Ehitus.
Estonian capital company Eurox LT is already operating in Lithuania and will begin this autumn to realise its first investment project in Vilnius, a multifamily house on Mindaugas Street.
The Estonians promise that their first project will not be ordinary and will be distinguished by both its architecture and the manner of its construction.
N. Nomme does not think that they are coming to Lithuania at a bad time when the real estate boom is already ebbing.
In his opinion, the Lithuanian market is still growing and, most importantly, stable. Meanwhile Latvia lacks stability and so the Estonians are not prepared to invest there.
‘I do not think that the Estonian or Lithuanian economy is beginning to cool. In a European context growth of almost 8% is truly large. Therefore we do not feel that we are late in investing in either our own country or in Lithuania,’ said N. Nomme.
An environment for living and working
During its two years of activities in Estonia, Eurox has built a number of residential housing complexes and several office buildings in Tallinn. The investments in Estonia have already reached 60 million euros (207 million litas).
Technopol, which the Estonians themselves consider to be especially successful, has been their exclusive project and they intend to realise a similar project in Lithuania.
Technopol is a complex of specialised office buildings that have been erected in place of manufacturing structures and warehouses near Tallinn University of Technology and are intended for laboratories and high tech companies, which are working with the university.
The top management of Eurox is proud that the Tallinn subdivision of Skype was founded in one of these offices.
Eurox plans to continue investing in an area of about 20 hectares near the university.
The Estonians are not hiding the fact that they have big plans and ambitions. Their plans include the construction of exclusive residential housing complexes and high quality office buildings, the need for which is constantly growing in Tallinn. According to the head of Eurox, the company is oriented towards higher rather than middle income consumers and builds almost no economy class multifamily housing.
It intends to pay exceptional attention in the future to young families and students, to whom it plans to offer specially designed flats.
‘We are not simply building homes or offices, we are creating the environment, in which people live and work,’ is how N. Nomme defined his business philosophy. In fact this view is not new or special but it essentially differs from the predominant view in Lithuania.
Lithuanians know how to build fairly good quality structures but the majority of the companies building residential homes or complexes in Lithuania do not even give a thought to the environment or its quality. They build homes but fail to create a cosy living environment.
The Estonians already know how to do that very well. They have good teachers in their neighbours the Finns. On the basis of their example, the Estonians have not built partially finished flats for a long time.
The complex received an award
Just as much construction is occurring in Estonia’s second largest city, Tartu, as in Tallinn. Linnaehitus, a subsidiary of Eesti Ehitus, operates here.
Company CEO Alar Kroodo believes that the price of new housing here does not differ much from that in Tallinn.
The average price of one square metre of fully finished economy housing is 5300 litas. The most expensive flats cost 8000–13000 litas per square metre.
The low-rise multifamily housing complex, which Linnaehitus is finishing in Tartu, was awarded a prize this year by the Union of Estonian Architects.
The 2–4 floor multifamily housing complex has no shortage of greenery or cosy recreational space.
A wood finish and façades in varied colours give ordinary multifamily housing a feeling of cosiness.
The tinted balcony glass that is fashionable in Estonia right now gives it individuality.
The special attention to the environment’s details catches the eye: the paths are laid with coloured pavers and aesthetic mailboxes and rubbish bins have been installed next to the multifamily homes.
The same type of detail is also charming inside the units. Instead of the standard flat numbers, a decorative element with the number, which lights up in the evening, has been attached to the door.
In front of all of the doors, the same welcome mats are inset into spaces especially created for them.
The stairwells, which are decorated with metal tracery, are also seen nowhere else.
Linnaehitus is also currently building a 23-floor multifamily home with exceptional architecture in Tartu. It resembles a snail shell and the house’s windows have completely different forms.
Source: ‘Lietuvos Rytas’ special correspondent Ausra Pociene. Lietuvos Rytas/Bustas 19 September 2007, no 214.
The residential multifamily house on Luha Street in Tartu
A low-rise multifamily house in the Veriku St. complex in Tartu
A residential house stairwell
The Estonians promise that their first project will not be ordinary and will be distinguished by both its architecture and the manner of its construction.
Lithuania selected for investments
‘So long as the Russians or Bulgarians do not care what their homes are made of or about well-planned flats, we will not work there.
‘We are coming to Lithuania since this is important to you like it is to us,’ answered Neeme Nomme, CEO of Estonia’s Eurox real estate development company, to the question of why Lithuania was selected for foreign investments.
This real estate development company belongs to the Estonia’s Nordecon holding company.
It also belongs to one of the largest construction companies in the Baltic States, Eesti Ehitus.
Estonian capital company Eurox LT is already operating in Lithuania and will begin this autumn to realise its first investment project in Vilnius, a multifamily house on Mindaugas Street.
The Estonians promise that their first project will not be ordinary and will be distinguished by both its architecture and the manner of its construction.
N. Nomme does not think that they are coming to Lithuania at a bad time when the real estate boom is already ebbing.
In his opinion, the Lithuanian market is still growing and, most importantly, stable. Meanwhile Latvia lacks stability and so the Estonians are not prepared to invest there.
‘I do not think that the Estonian or Lithuanian economy is beginning to cool. In a European context growth of almost 8% is truly large. Therefore we do not feel that we are late in investing in either our own country or in Lithuania,’ said N. Nomme.
An environment for living and working
During its two years of activities in Estonia, Eurox has built a number of residential housing complexes and several office buildings in Tallinn. The investments in Estonia have already reached 60 million euros (207 million litas).
Technopol, which the Estonians themselves consider to be especially successful, has been their exclusive project and they intend to realise a similar project in Lithuania.
Technopol is a complex of specialised office buildings that have been erected in place of manufacturing structures and warehouses near Tallinn University of Technology and are intended for laboratories and high tech companies, which are working with the university.
The top management of Eurox is proud that the Tallinn subdivision of Skype was founded in one of these offices.
Eurox plans to continue investing in an area of about 20 hectares near the university.
The Estonians are not hiding the fact that they have big plans and ambitions. Their plans include the construction of exclusive residential housing complexes and high quality office buildings, the need for which is constantly growing in Tallinn. According to the head of Eurox, the company is oriented towards higher rather than middle income consumers and builds almost no economy class multifamily housing.
It intends to pay exceptional attention in the future to young families and students, to whom it plans to offer specially designed flats.
‘We are not simply building homes or offices, we are creating the environment, in which people live and work,’ is how N. Nomme defined his business philosophy. In fact this view is not new or special but it essentially differs from the predominant view in Lithuania.
Lithuanians know how to build fairly good quality structures but the majority of the companies building residential homes or complexes in Lithuania do not even give a thought to the environment or its quality. They build homes but fail to create a cosy living environment.
The Estonians already know how to do that very well. They have good teachers in their neighbours the Finns. On the basis of their example, the Estonians have not built partially finished flats for a long time.
The complex received an award
Just as much construction is occurring in Estonia’s second largest city, Tartu, as in Tallinn. Linnaehitus, a subsidiary of Eesti Ehitus, operates here.
Company CEO Alar Kroodo believes that the price of new housing here does not differ much from that in Tallinn.
The average price of one square metre of fully finished economy housing is 5300 litas. The most expensive flats cost 8000–13000 litas per square metre.
The low-rise multifamily housing complex, which Linnaehitus is finishing in Tartu, was awarded a prize this year by the Union of Estonian Architects.
The 2–4 floor multifamily housing complex has no shortage of greenery or cosy recreational space.
A wood finish and façades in varied colours give ordinary multifamily housing a feeling of cosiness.
The tinted balcony glass that is fashionable in Estonia right now gives it individuality.
The special attention to the environment’s details catches the eye: the paths are laid with coloured pavers and aesthetic mailboxes and rubbish bins have been installed next to the multifamily homes.
The same type of detail is also charming inside the units. Instead of the standard flat numbers, a decorative element with the number, which lights up in the evening, has been attached to the door.
In front of all of the doors, the same welcome mats are inset into spaces especially created for them.
The stairwells, which are decorated with metal tracery, are also seen nowhere else.
Linnaehitus is also currently building a 23-floor multifamily home with exceptional architecture in Tartu. It resembles a snail shell and the house’s windows have completely different forms.
Source: ‘Lietuvos Rytas’ special correspondent Ausra Pociene. Lietuvos Rytas/Bustas 19 September 2007, no 214.
The residential multifamily house on Luha Street in Tartu
A low-rise multifamily house in the Veriku St. complex in Tartu
A residential house stairwell
