Nordecon signed a contract with Selvaag Sakala for the construction of an office building in Tallinn city centre09. may 2012
Nordecon AS and Selvaag Sakala OÜ, a subsidiary of the Norwegian real estate group Selvaag Gruppen, signed a contract for the construction of an office building in Tallinn city centre, at Kentmanni 4/Sakala 10. The cost of construction work will be approximately 4.3 million euros.
“As a builder, I am glad about this contract – in the area of the construction of buildings, private sector contracting entities have been quite a rare phenomenon in the recent years. General improvement of the economy allows us to hope that this is a sign of gradual activation of development activities and the revival of commercial real estate market,” said Avo Ambur, Member of the Management Board of Nordecon AS. “New investments in our market are only welcome and there is no need to resign from any of the new development projects just because of the preparedness and skills of construction companies."
Avo Ambur said that the Kentmanni office building will functionally be divided into two wings – the part of the building in Sakala Street has six storeys and the one in Kentmanni Street is a five-storey building. According to the design, a 150-square meter roof terrace with glass balustrade will be built on the roof of the 5th floor. In the basement, there will be a parking lot for 22 cars and technical rooms. The total floor area of the building will be about 4,860 square meters.
The construction work will begin presumably in the spring of 2012 and will last 15 months.
The Selvaag Group is the biggest developer of apartment buildings in Norway. In the Estonian market, the company is engaged with the management and development of office and warehouse space and has also begun the development of apartment buildings.
The sales revenue of Nordecon AS amounted to €27.1 million in the 1st quarter of 2013, which is 20% more than in the same period the year before. The Group’s gross profit in the 1st quarter was €593,000, increasing by more than half a million euros compared to the quarter a year ago.
Today, Nordecon AS delivered the completed commercial and residential building at the address Rotermanni 10 in the Tallinn City Centre to Rotermanni City OÜ, a company engaged in developing the Rotermanni Quarter. The construction of the commercial building with guest apartments lasted 12 months.
The management board of Nordecon AS (registry code 10099962, address Pärnu mnt 158/1, 11317 Tallinn) summons an annual general meeting of shareholders, which shall be held on 24 May 2013 at 10.00 a.m. in the conference centre of Radisson Blu Hotel Olümpia, room Beta (Liivalaia 33, 10118 Tallinn).
Nordecon enter into a contract with AS Paide Vesi for reconstruction of the water treatment plant in Paide. The total value of the work with the reserve of the contracting entity is 6.74 million euros exclusive of VAT.