MP Finance SIA is an experienced real estate developer with more than 9 years’ experience on the Latvian real estate market. During this time the company has successfully accomplished several residential and office building projects. Currently it is developing the residential house located to the address Aristida Briana 4 in Riga. The house was originally built in the year 1880 according to the architectural project by architect Otto Dice. External architectural elements of the building were designed in order to look like villas and estates of that time and maintain aristocratic spirit of the façade.
Current project is divided into two stages. First stage, already partially accomplished by MP Finance SIA included complete reconstruction of the existing building. In the end of 2018, the historical building regained its initial beautiful appearance. New, modern engineering networks, high-quality sound-proof windows, and fast and silent elevator were installed in the house.
Interior design is made following the minimalistic manner, using calm colour palette and natural materials. All bathrooms are fully equipped with high-class bathroom furniture and tiles. The rest of the floors are made of natural parquet. The rooms are divided by high-quality doors made of natural wood. In the immediate proximity to the building there is a park, a theatre and several schools, which makes it a truly comfortable and high-class residential place.
An experienced team of construction workers has already finalized the following works:
Besides that, MP Finance SIA has already accomplished full finish of approximately half of apartments in existing building.
MP Finance SIA is planning to attract financing that is necessary for accomplishing the finishing works in remaining apartments in the 1st building as well full construction of the 2nd project building, which is going to host 12 premium-class apartments. In the closed yard there will be 8 parking places available for purchase. The total area of the complete project will be 3000 square meters with apartments varying from 33 m2 up to 150 m2. It is planned to start the 2nd stage of the project in July 2019. Full project cost is estimated as EUR 2,980,000.
Apartment prices in Riga increased by 2.5% in 2018, after an increase of 6.1% in 2017. In 2018, prices increased both in old construction buildings as well as in new construction apartments located in residential districts and Riga city centre.
Prices for new construction apartments in the city centre increased by 1%, and prices for new projects in residential districts rose by 2%. Prices of new apartments in the city centre and the Old Town ranged from €2,100 to €4,000 per sqm at the end of 2018, and prices for luxury newly developed projects were as high as €6,000 per sqm.
In total, 2,411 apartments were constructed in Riga in 2018, which is a 65% increase compared to 2017 (1,458 in 2017). OberHaus expects almost 2,000 new apartments to be completed in 2019.
As demand for new construction apartments rises, new building permits have been growing. In 2018, there were 38 new residential multi-storey building permits issued throughout Riga, and another 37 were issued for repairs and redevelopment of existing buildings.
Developers are offering new apartments in the construction phase and buyers are actively reserving at this stage. Some projects are almost sold out before commissioning, for example developments by YIT Latvija, Merks, HANNER, Bonava Latvija, R.Evolution.
Successful projects with good sales results are built in mixed territories, these projects merge residential and business functions. Clearly there are three perspective areas of such developments – district of Skanste with Merks, Pillar, NP Properties, LNK Group and Hanner developments, residential and business complex of Jaunā Teika developed by Hanner, and Kliversala and Kipsala neighbourhood developed by various developers. All these territories share similar qualities – business environment successfully merges with residential environment, both existing nearby, experiencing synergy and providing high infrastructure standards. Usually these advantages combined with appropriate marketing activities guarantee good sales results.
Envestio participant’s investment - EUR 1 000.00
Total expected return: EUR 1 180.49Investieren Sie in dieses Projekt
|Kreditnehmer||“MP Finance” SIA, Reg. Nr. 42403025758, Latvia|
|Finanzierungsziel||€ 1 000 000|
|Zweck des Darlehens||Financing of reconstruction and building a premium real estate project in Riga, Latvia|
|Rückzahlung des Darlehens||In full at the end of the Loan Period|
|Kapitalrückkauf möglich||Yes, 5% penalty rate|
|Zahlung von Zinszahlungen||Monthly, on a specific date|
|Typ der Finanzierung||Secured debt|
|Garantie vom Eigentümer des Projekts||Commercial pledge in favour of Envestio Collateral Agent, Personal guarantee|
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