Citadele Bank (Latvia)

Promising Multi-Apartment Housing Complex in Šampēteris Being Built with Support from Citadele

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With the support of Citadele financing, as part of the first phase of the IRIS Shampeteris Apartments (IRIS) project, two residential buildings will be built in Šampēteris offering 72 apartments between 55 and 130 m². The apartments will be sold to potential residents with a full finish.

The total expenditure on the first phase of the project is 5.5 million Euro, of which Citadele financing comprises 3.4 million. The project is being executed by SIA Dyalcomm Group, a business of the property developers Astor Group.

Interest in purchasing the apartments has grown as construction has taken place - on beginning work on the second building and the interiors of the first building, a quarter of apartments in the complex had already been reserved or bought. The developers plan to have the first building operational by the end of February this year.

Astor Group representative Māris Stafeckis: “IRIS is a testament to the fact that you don’t have to leave the city to escape its hubbub and bustle. This project has been created for those who value peace, comfort and modern technology. We are seeing the return of the trend in choosing an apartment while it is still under construction. A quarter of the IRIS apartments have already been sold or reserved, while an absolute majority have been bought with a mortgage loan. This points to growing activity in the property market.”

Citadele Bank Board Member Santa Purgaile states that interest in the apartments has increased due to state support for young professionals and families with children: “It is important to us to help buyers find a house they will be satisfied with. An up-and-coming location, high-quality project and a developer with a good reputation were some of the reasons why the bank decided to finance this project. And these criteria are no less important to buyers when choosing a home. Purchasing a home still under construction allows it to be bought for a lower price, while also offering a greater chance of choosing the most suitable apartment on the preferred floor, with an appealing layout, parking space, view from the windows, etc.”

The first building of the IRIS complex, which will contain 24 apartments, will be finished at the end of February 2019. Meanwhile, it is anticipated that the second building with 48 apartments will be finished at the start of summer next year.

The project is planned in four phases, building several residential buildings with around 300 apartments. The total cost of building the complex will be 21 million Euro.

Astor Group specialises in the real estate development business, building more than 30,000 residential buildings and retail location projects worldwide. In Latvia, Astor Group has invested in large-scale residential and commercial projects, retail centres, hotels, as well as in the development of food manufacturing and IT technology.