Pillar will develop energy-efficient residential buildings in Riga
After attracting a long-term partner-investor, the local capital Real Estate developer Pillar has launched a new direction of operation in developing and building energy-efficient multi-apartment buildings in Riga. Pillar's first new multi-apartment project is already under construction in Mežciems, with plans to develop houses in other areas of Riga, including Pļavnieki, Dārzciems, Čiekurkalns.
"The supply of modern and energy-efficient housing in and around Riga remains inadequate. Although there are a number of challenges in the economy at the moment, construction costs have risen and household loans have become more expensive, we are confident that demand for modern and energy-efficient housing will remain strong and will grow", says Pēteris Guļāns, Development Director at Pillar Capital, JSC (AS).
High energy costs is one the main drivers for growing interest in new and modern housing. Pillar data shows that the most significant increase in utility costs is in pre-war and Soviet-era houses. Today, houses are built in a very different way. Higher energy efficiency requirements for new buildings are also laid down in building regulations. Furthermore, property developers tend toy build even more energy-efficient houses than required by law. This lowers utility costs in such houses several times over compared to those built earlier, and this reduction offsets a significant part of mortgage payments for new housing, explains P. Guļāns. He also stresses that the new apartments are also equipped with a mechanical ventilation system with air recuperation function, which is essential for healthy air and indoor climate control at home as a whole.
Pillar will build near zero-energy buildings, with solar panels that partially provides electricity necessary for common use premises. Each apartment will be equipped with an autonomous ventilation unit, which will allow the occupant to take care of the indoor microclimate. With the convenience of the residents in mind and their requirements for a modern environment, each apartment has a utility room, as well as a balcony or terrace on the ground floor. Special attention will be paid to the landscaping and greening of the site, establishing an attractive and pleasant urban environment.
Pillar's first new residential project will be located in Mežciems, at 47a Eizenšteina Street, right next to Biķernieki Forest. The project consists of one 10-storey building with 79 apartments. The building will offer two, three and four-bedroom apartments with full interior finishes, ranging from 45 to 87 square metres. The construction process has already begun, and the building is planned to be put into operation in the autumn of 2023, but the apartments can be reserved now. The amount of the estimated project investments is €8.6 million.
Pillar Group companies have been active in the real estate sector since 2006. Over the years, Pillar has become a full-cycle real estate developer, accumulating considerable experience and expertise in development and construction projects of all types and scales.
The turnover of the Pillar Group companies reached €21.56 million in 2021, and the company’s assets are worth more than €170 million. The company's portfolio includes the extensive New Hanza territory, VEF office buildings, office buildings at 1 Mihaila Tāla Street, 23 Elizabetes Street and 275 Brīvības gatve, the A6 logistics park, the Hanzas Perons cultural centre and other properties.
Pillar's aim is to provide a high-quality, safe environment where everyone can enjoy living, working and relaxing. Quality is the company's priority, which includes attention to detail.
