Start of construction works of residential building located in Vilnius

March 30, 2015


AS Pro Kapital Grupp (hereinafter Pro Kapital) informs that the construction works of a new residential building in Vilnius were started yesterday (26.03.2015), based on the construction contract concluded between its subsidiary Pro Kapital Bonum UAB and UAB Merko Statyba on 01.08.2014.

As was informed with the stock-exchange release dated 04.08.2014 the subsidiary company of the group Pro Kapital Bonum UAB concluded the construction contract with UAB Merko Statyba for construction and design works of new residential apartment building in Vilnius on 01.08.2014. The lump sum of the contract is 10 013 120 (2 900 000 EUR), excluding VAT. The building will be located in Vilnius, Lithuania, in Saltiniu Namai residential building complex, which is being developed by Pro Kapital. The new building will have in total 41 apartments, 3 commercial premises and net sellable area of 2679 m2. The planned construction period is 15 months as of the start of the construction works.

As of 25.03.2015 Pro Kapital Bonum UAB has signed 12 reservation agreements out of 44 premises of the new building, corresponding to the pre-sale ratio of 30% from the total sellable area.

AS Pro Kapital Grupp CEO Paolo Michelozzi comment: “we are pleased with the sales results of Saltiniu Namai project in Vilnius and the sales results of the residential building we started to construct last year in February 2014. The construction of that building has been completed and 16 units out of 19 units have been presold. We have seen strong demand in the upper class residential market in Vilnius and have therefore decided to go forward with construction of yet another building in Vilnius”.

After the completion of this new building the first phase of the development of the Saltiniu Namai residential complex will be completed. The first phase of the development of the Saltiniu Namai residential complex includes in total 200 apartments, 27 commercial premises and 11 cottages. There will remain still unused development volume in the Saltiniu Namai residential complex in the second phase of the residential area.

Additional information:

Saltiniu Namai is a residential development project located in Vilnius Old Town. The business plan for the Saltiniu Namai residential quarter foresees a series of apartment buildings built in stages. The location is attractive for a residential area: it is located right in the Old Town and enjoys a good access both by cars and public transport. The creation of houses and cottages with leisure, sports and commercial zones is a remarkable contribution to the expansion of Vilnius city, where the conversion of abandoned industrial areas is prominent. Currently four five floor buildings with attics, one six floor building with attic and 11 private cottages have been built. Pro Kapital has already built 159 apartments, 11 cottages and 24 commercial premises with sellable area of 16 438 m2. Residents of Saltiniu Namai residential quarter are already enjoying the private courtyard, finished landscape works and fully equipped children‘s playground.

Pro Kapital Bonum UAB is a company, which belongs 100% to PK Invest UAB. PK Invest UAB is a 100% subsidiary of Pro Kapital Vilnus Real Estate UAB. Pro Kapital Vilnius Real Estate UAB is a 100% subsidiary of AS Pro Kapital Grupp. Pro Kapital Bonum UAB is the developer of the 44 unit building to be located in the Saltiniu Namai project in Vilnius Lithuania.