2023/02/08
The real estate developer Realco has completed construction on its first development in the capital’s Pašilaičiai district. Over the course of several years, the company invested 15 million euros in the 7 Vakarai residential block. The project has added 12 commercial spaces and 286 apartments, of which only 13 remain available, to the real estate market of Vilnius. The majority of the apartments have already been occupied by their new residents.
The residential block in Pašilaičiai was completed in two stages, with construction taking a little over 2.5 years to complete.
‘Over this period, we encountered a market impacted by various economic and geopolitical challenges that substantially increased what we had to invest initially in the project as well as prolonging the construction process by several months. However, none of this had any damaging effect on the completion of the project or the fulfilment of our commitments to buyers: we concluded sales agreements with our buyers that were in keeping with the prices set in our preliminary agreements,’ says Realco CEO Julius Dovidonis.
7 Vakarai was the company’s first economy-class development. Buyers were offered a total of 298 properties: 12 commercial spaces and 286 one–four room apartments with floor areas ranging from 30 to 74 m2. Currently, almost all of the commercial spaces have been occupied and 95% of the apartments have been sold – only 13 two- and three-room apartments as well as one commercial space remain available.
‘Buyers always want flexibility, the opportunity of choice and, usually, the possibility to move in as quickly as possible, which is why in our 7 Vakarai project we offered both partially and fully finished homes. This worked out well as the fully finished apartments from the first stage were all sold pre-construction,’ comments Dovidonis.
Realco will expand its development activity in the Pašilaičiai district, which it sees as having great potential. For further development, it acquired a plot on 126 Justiniškių St., next to its 7 Vakarai residential complex. The winner of the architectural competition for a residential complex was announced at the end of the year, and a design proposal is currently being prepared. In a plot of a little over 2 ha, the company plans to fit 500 apartments.
The buyers of homes in the economy-class 7 Vakarai development include young families, couples, students coming into the capital from other cities, who frequently purchase the properties with the help of their parents. Homes in this development were actively chosen by individuals who are used to this part of Vilnius and who are either locals or have lived there previously. Some of the buyers purchased the apartments with plans to rent, however, the majority were first-time homeowners – for young people, the first home is typically a stepping stone that helps them identify their needs for their next home.
Realco is also currently offering for sale the last apartments in the completed Go Life middle-segment development, as well as offering homes in the upper-segment Vileišio 27 project and building the luxury-class Algirdo 3 complex.