Construction of Uus-Järveküla, Estonia’s largest residential area consisting exclusively of semi-detached and terraced houses, has been completed, and the main contractor NOBE has handed over all homes to the client. The development of the 165-home residential area, completed in cooperation between Invego and EfTEN United Property Fund, cost a total of €40 million.
According to Kristjan-Thor Vähi, CEO of Invego, the clearest proof of a project’s success is when, upon completion, less than five percent of the homes remain unsold. “In today’s market, such sales performance is rather rare. The recipe may seem simple – a comprehensive concept and successful architectural solution, high-quality construction, a good location with strong connections, and of course a strong financial partner and an experienced developer,” Vähi explains.
Invego and EfTEN – this time through the EfTEN Special Opportunities Fund – have already launched their next joint project. In the first phase of the Marupes Sirds residential development, located just outside Riga, Latvia, a total of 65 homes will be built, one fifth of which have already been reserved during the pre-sale phase.
The success of the Uus-Järveküla terraced housing development is also driven by its well-balanced price-to-quality ratio. “From the very beginning, the price of a Uus-Järveküla terraced house has been highly competitive and comparable to that of a family apartment in the city. At the same time, homeowners enjoy a private yard, greater privacy, schools and kindergartens within walking distance, and Tallinn just a 10-minute drive away,” Vähi describes, adding that Invego is the only developer in Estonia offering a five-year warranty on new homes, giving buyers peace of mind and allowing them to comfortably settle into their new property.
Uus-Järveküla was designed by PIN Arhitektid, and construction works were carried out by NOBE. “Now that all homes are completed, special recognition must be given to the NOBE team, whose work throughout the entire project has been fast, precise, and of high quality,” emphasized the CEO of Invego.
Invego Group is a next-generation real estate developer operating in three countries, specializing in large-scale residential areas and commercial quarters with comprehensive concepts that shape the cities of the future. With more than 10 years of operating history, Invego Group comprises over 60 companies in Estonia, Latvia, and Portugal. Currently, 30 different development projects are underway. The group has developed more than 150,000 m² of residential space, totaling 1,500 homes, and 50,000 m² of commercial real estate. In addition, over 500,000 m² of residential and commercial development volume is currently in progress.