YIT Latvija is building a complex of four residential buildings in Purvciem
Construction company and real estate project developer YIT Latvija has started the construction of a complex of four residential buildings “Silvas nami” in Dzelzavas Street in Riga.
This week, the first of the buildings under construction is celebrating the Dragonfly Festival, with 70% of the apartments booked and sold already. The company’s experts point out that the project was created in response to the market demand for rational and affordable housing, which, along with the increasing construction costs, is the most important criterion in the purchase of housing. The “Silva Houses” complex will consist of four identical seven-story buildings, two of which are already under construction, while the start of construction of the third building is planned for the spring of 2022. Each of the buildings will have 67 modern and functional two-, three- and four-room standard class apartments with an area of 41 m2 to 73 m2. All apartments will be fully furnished and storage rooms will be available for purchase by residents of the house, while outdoor terraces are planned to be created on the first floor of the building. YIT Latvija board member Andris Bože states that during the development of this project, increased attention was paid to how to reduce the total price of housing, making it affordable for buyers. This is largely dictated by the rising construction costs, which, according to the data of the Central Statistics Office, had increased by 4.8% in May of this year compared to last year, while the price increase of construction materials was by 6.1%. “When developing this project, our goal was to reduce the total final price of the house without losing its quality, and at the same time, to make the latest housing trends for energy-efficient and green living space available to a larger circle of residents. These settings correspond to standard Finnish housing solutions and what buyers are looking for in the Latvian market as well. We have successfully fulfilled these needs by creating apartments with a more compact layout, so that we do not have to pay for excess and often unnecessary square meters. Also, the project will not have an underground parking lot, which significantly increases the overall cost of the project. Instead, more parking spaces will be created above ground, with infrastructure for charging electric vehicles also being built. Refusing underground parking allows the project to be developed in a shorter period of time,” emphasizes A. Bože. The residents’ high interest in purchasing an apartment already at this stage of construction confirms that there is currently a demand on the market for a new and energy-efficient home, which is affordable at the same time, so great interest is also expected in the next building of the “Silvas nami” multi-apartment complex. The profile of residents who are looking for their own home is characterized by the desire to be in their own home, with the opportunity to quickly get to the center of Riga, but at the same time maintain the opportunity to be in a green environment in this area, which is provided by the nearby Biķernieki Forest. The necessary infrastructure of shopping and educational institutions is also nearby.
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