Realco, a real estate (RE) development company, continues to expand its portfolio with land plots for the development of new projects. The company acquired a land plot in the capital’s neighbourhood Antakalnis, 27A P. Vileišio g. 27A, where it will develop a higher-class residential project. It acquired the land plot togheter with a building permit, so construction work is expected to start in the second quarter of this year.
The site of a multi-apartments building, which is almost 0.5 hectares in size, is planned to provide 70 apartments of 33–88 square metres. The project also includes an underground car park with 72 parking spaces.
“First of all, we were attracted to this land plot because of its unique location: on the bank of a river, in a relatively undeveloped area and in one of the oldest and greenest neighbourhood of the capital – Antakalnis. In addition, the demand among real estate buyers in this neighbourhood is staggering, and perhaps the only factor stopping them from buying a home is that the supply of new-build apartments in the neighbourhood is extremely limited,” Julius Dovidonis, CEO of Realco, commented.
The land plot acquired by the company is currently occupied by garages, which will be converted into a residential building with modern architecture. The vision for the project is being realised by Cloud Architektai which is also working on the Hero business centre project being developed by Realco.
“Before acquiring the land plot, we carefully reviewed and evaluated the project of the building, which has recently received a building permit. The project’s solutions meet the requirements for modern housing and are oriented towards the higher-class segment. There are not many of the latter, so the decision to buy the land plot was made quite quickly. In no time, we are getting ready for construction and the start of apartments sale, which we will announce in the near future,” Mr. Dovidonis said.
It is already the third Realco’s project being presented that is classified as premium-class housing. In addition to the newly acquired project in P. Vileišio Street, the company expects to obtain a building permit and start construction of the high-end project Algirdo 3 in Naujamiestis. At the beginning of the year, Realco also announced another prestigious project in Mildos Street, Antakalnis. The developer expects to offer a total of almost 700 new apartments to the market this year, of which around 230 will be of the premium class.
Last week, the company announced that it had acquired more than 2.4 hectares of land and buildings in the capital’s neighbourhood Lazdynai, Parodų g. 1, where it also plans to develop a residential project in the future.
Realco is currently offering housing in the Go Life, 7 Vakarai and Prie Vilnelės projects where construction is already much in progress.