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Naujamiestis (Vilnius New Town) is about to undergo some changes – a unique residential building will soon be built on an empty land lot on the Algirdo street. Design proposals for the building have been released for publication to the municipal government of Vilnius city. The multi-apartment building to be built on the land lot of almost 0.5 ha will accommodate 96 apartments, and the construction will begin in the last quarter of this year.

The project is being developed by Realco, one of the largest real estate developers in Lithuania. The vision of the project of an exclusive 2–5 storey residential perimeter building is implemented by the architect studio Arches.

“The idea and form of the object was dictated by its location in the city – the plot is located on one of the oldest streets in Naujamiestis that is only a few minutes’ walk from the city centre and the Old Town. This abandoned land lot has long been an eye-sore of the central part of the city. We plan to revive it by incorporating a low-rise apartment complex that will blend organically with the environment. The project will focus on a high quality of life, so its architectural solutions are characterised by exclusivity, quality, special attention to the environment and the privacy of future residents,” says Julius Dovidonis, CEO of Realco.

Maximum privacy in the centre of the city

The new building in the Vilnius New Town will be characterised by a unique architecture, which combines a sense of space and the privacy of the residents. Prestigious 1–4 room apartments with the floor area varying from 35 to 120 square metres have been designed for the project. If necessary, the apartments can be connected, some may cover two floors.

On the ground floor parallel to the Algirdo street, 6 commercial premises with areas of 49–80 square metres have been designed.

To ensure maximum comfort of future residents, all apartments will be equipped with private terraces, balconies, panoramic windows. The building will have high-quality sound insulation.

According to Mr. Dovidonis, the implementation of the vision of this project followed the main direction – to give a person living in the city centre the feeling of living in a private house in a green suburb, so a lot of attention is paid to the environment.

The building on the Algirdo street will have a spacious enclosed courtyard divided into separate functional zones: playground for children, peace and relaxation areas, sports area.

Interest in prestigious apartments is not waning

The project on the Algirdo street will complement the supply of prestigious apartments in the capital city which, according to Mr. Dovidonis, is currently declining and does not meet growing demand.

“We analyse the market and have noticed that the demand for prestigious apartments in Vilnius has been growing recently. The quality aspect of the project is also becoming increasingly important. Buyers want to live in a house that is built using top-quality materials. They are interested in spacious apartments. These are some of the reasons why shortly after making an announcement about the new high-end residential project we received a lot of requests to see the future apartment designs as well as reservation inquiries,” explains Mr. Dovidonis.

Realco plans to invest about EUR 16 million in the implementation of the project.

This January, Realco became the leader in apartment sales in Vilnius. Over the first month of this year, the company sold 56 apartments in the capital city, mostly in the Prie Vilnelės project developed by the company in Markučiai and in the 7 Vakarai project developed in Pašilaičiai.

Realco will soon introduce another new project in the capital city, next to Ozas Park, i.e., the Go Life complex offering over 270 apartments to the market.

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