News

23. May 2012

Nordecon signs €13 million contract for construction of six apartment blocks

Nordecon AS signed a contract with Arco Vara group company Tivoli Arendus OÜ on Monday for the design and construction of the residential district planned for the site of a former funfair in the Tallinn suburb of Kadriorg. Construction of the six apartment blocks being erected during the first stage of development at the site is valued at almost 13 million euros before VAT.

Nordecon AS signed a contract with Arco Vara group company Tivoli Arendus OÜ on Monday for the design and construction of the residential district planned for the site of a former funfair in the Tallinn suburb of Kadriorg. Construction of the six apartment blocks being erected during the first stage of development at the site is valued at almost 13 million euros before VAT.

“It’s great to be able to break the news of such a major contract!” said Avo Ambur, a member of the management board of Nordecon AS. “Big orders like this provide builders with work for a long time, and they also show that developers are willing to invest in major projects – both of which send out positive signals after the troubled times we’ve had in the construction sector. For Nordecon it’s the second major private sector order we’ve signed a contract for this month, and I don’t think it or the office building we’re constructing on Kentmanni Street will be the last we get any time soon.”

The site of the former funfair, between Kiikri and Tuukri Streets in Kadriorg, will see the construction of six five-storey apartment blocks, with a total of 146 apartments. The total enclosed space of the buildings will be 15,000 m2. Design and construction is planned to last 22 months. The architect designing the apartment blocks is Hanno Grossschmidt.