August 13, 2020

An interview with Carmen Kukk, the Head of Marketing and Sales of Pro Kapital published in Delfi Estonia (please find the article here). 

Kalaranna District is one of our most recent developments that foresees 12 buildings with a square, a park and a playground right on the border of the city center. Also, a natural beach promenade will be renewed, which will open the sea to the city together with the district. During the ongoing first construction phase, eight buildings will be completed, and for today more than half of the apartments have been sold.

In the course of more than 20 years of operation, we have restored several historical buildings in the Old Town of Tallinn, Riga and Vilnius, and developed numerous hotels, business centers and residential quarters. You may know developments like Kristiine Center, which opened in 1999 right on the border of Tallinn city center, and a few years later the Domina Center in Riga. The seaside Kalaranna District on the border of the heart of the city, is however very special for us. Construction works have been carried out around the Culture Kilometer for many years and the number of residential areas has multiplied over the last ten years. However, Carmen Kukk, Head of Sales and Marketing of Pro Kapital, says that there is always room for developments that create something valuable. Let’s find out more.

How big really is the development of Kalaranna District in terms Pro Kapital but also the city of Tallinn?

Kalaranna District will have an impact on the entire Kalaranna area in terms of urban space – we open the sea to the city. The entire development including the renewed port and beach area, will add significant value for the city of Tallinn. Preserving the history, location and value of the Kalaranna area is a matter of responsibility for Pro Kapital. Such an area cannot and must not be developed with a short-term vision, which is why we have thought through every detail in the development process.

In addition to Kalaranna District, Pro Kapital has another important development project in Tallinn called Kristiine City. I believe that we have increased the value of the whole region and, in some ways, expanded the concept of the city center. It is a unique and independent living environment – “city within a city”, at the same time being an organic part of the urban space. At Kristiine City, we have completed the lofts of Marsi 6 and Kristina Majad, the construction of Ratsuri Majade is currently ondergoing. We also recently announced a new development project in Kristiine City, called Kindrali Houses.

Kalaranna District is located in a very competitive area, where construction works have recently been completed or are still in progress. Was there no fear of saturation?

We didn’t have that fear. Firstly, Kalaranna District is adjacent to a natural coastal area, which is of unique value. Secondly, there are several very good projects near the Kalaranna District, which architecturally enrich the value of the whole area. Kalaranna District is by its nature a major development – it is a complete, separate area – a completely car-free area, with 12 buildings, a large square connecting them, a sea park and a playground, and a completely renovated harbor and beach promenade. At the heart of the Kalaranna District is the idea of ​​a safe, functional and modern living environment that opens Tallinn to the sea. There will be an organic combination of metropolitan architecture and atmosphere with closeness to nature. On one hand, it is possible to enjoy the livelier scenery of the Square, on the other hand, you can step directly into the water from the sandy beach, hearing only the tranquil breeze of the sea. This is a matter of values, which I believe we shar with the home buyers of Kalaranna District.

Did and to what extent did the spring, which become difficult for the whole world, affect construction activities or sales?

This period had no impact on the construction. Nordecon has done an excellent job of staying on schedule. Of course, this time raised some questions for our customers, and we addressed them. Today, all these issues have been nicely resolved. Despite the unexpected spring, bookings for Kalaranna Kvartal apartments have continued at a stable pace.

What is the interest by the northern neighbors in the apartments of Kalaranna District? How many so-called investment apartments are bought?

Although so far, the sales activity has been mainly focused on the domestic market, the interest by our northern neighbors is very high and they have mostly found us themselves. It has been quite an exciting experience – for example, a client buys one apartment and another in two or three weeks. For the third time, through his referral an interested friend takes a contact with us. These apartments, which have been bought by Finnish people in the Kalaranna District today, have mostly been an investment, which shows the confidence of the northern neighbors in the continuing growth trend of the Tallinn real estate market.

How would you evaluate the expected value growth of the apartments?

It is difficult to predict what will happen in the world in the coming years, so I would not speculate on the numbers. In the long run, the value of Kalaranna District’s apartments will undoubtedly increase. The location, right on the border of the old town and the city center, with its very own promenade, is definitely unique and hard to find in any European capital.

Proximity to the city center, sea, peaceful surroundings, new development – when buying a home that meets such conditions, does the client probably have quite high demands?

In the case of Kalaranna District, the long-term vision was very important. We wanted this area to be aesthetically charming and to last for decades. In such a development, it is common for the customer to be aware and reasonably demanding. For example, a client often uses their own interior designer to arrive at a solution that exactly meets the family’s expectations. Today’s construction phase still allows for changes in plans.

Which are the most luxurious apartments in this development?

We have a very long experience as a developer, and we know our clients well. I would say that most of our clients are not looking for extravagance and oversized apartments, but rather a functional city home. At the same time, in the case of Kalaranna District, for example, we are working with some families on something more spacious and very exciting, by merging several apartments. The largest planned apartment is currently almost 200 m².

One of the best-known seaside developments in the region is Noblessner. How do these developments differ from each other?

Noblessner is a little further from the city center and the beach, but still in the immediate vicinity of the Culture Kilometer. I see that we have a fairly similar customer segment, especially in terms of purchasing investment apartments. We will definitely be distinguished by the architectural solution of the landscape. The Kalaranna District is perhaps more focused on highlighting the values ​​of the natural coastal area, both in terms of plants and the beach promenade area. Noblessner is more clearly bordered by the port area. I do think we share common values when it comes to opening the sea area to the people and by offering various opportunities to enjoy this area.

What will the Kalaranna District as a whole be like?

On the ground floors there will be mostly shops, cafes and restaurants with outdoor terraces. This brings a pleasant metropolitan environment to the quarter. We see that it becomes a harmonious meeting place where it is equally good to be – you are alone, in the company of family or friends.