News

29. Sep 2015

Nordecon signed a contract to start phase II of the construction of Tivoli residential area

Nordecon AS and OÜ Pikksilma Kodu owned by real estate developer Metro Capital signed a contract, agreeing that Nordecon will execute phase II of the construction works of an apartment building complex erected at a seaside area of Kadriorg, Tallinn. The cost of the works is around 5 million euros net of VAT.

Nordecon AS and OÜ Pikksilma Kodu owned by real estate developer Metro Capital signed a contract, agreeing that Nordecon will execute phase II of the construction works of an apartment building complex erected at a seaside area of Kadriorg, Tallinn. The cost of the works is around 5 million euros net of VAT.

“Phase II of the construction works of the Tivoli residential area comes as a logical continuation of phase I started this spring,” says Avo Ambur, board member of Nordecon AS: “The decision to proceed in a fast pace according to the initial plan is very positive. This is undoubtedly conditioned by the potential buyers who wish to move to a scenic seaside environment.”

Avo Ambur explains that the construction works of the building complex with a total of 122 new apartments added to the area within the next few years are divided into three phases. Phase I began in May 2015 and will be finished in the summer of 2016.

An apartment building with 56 apartments will be erected during phase II. The construction works will cost a little more than 5 million euros. Construction will begin in October, the planned building period is 13 months.

The new apartment buildings are erected on the former amusement park territory in Kadriorg. The addresses are Pikksilma St 2, Kiikri St 3, Tuukri St 23/1, Tuukri St23/2 and Tuukri St 25. The buildings have been designed by an acknowledged architect Hanno Grosschmidt from the architectural bureau HG Arhitektuur OÜ.

The residential buildings will have five storeys and underground parking lots. All apartments will have district central heating, water based underfloor heating, autonomous mechanical ventilation with heat recovery and a smart house solution which allows mobile management of the heating, cooling, ventilation and other devices.