On April 26, 2023, Uus-Järveküla OÜ, financed by EfTEN United Property Fund, and Coop Pank AS signed a loan agreement in the amount of 15.432 million euros. The purpose of the loan with a term of 1.5 years is to finance the construction of the first stage of the Uus-Järveküla residential development.
In the first stage of the Uus-Järveküla development, 86 terraced houses will be built, of which 52 have been booked by customers to date. A total of 149 terraced houses and 16 semi-detached houses with a net area of approx. 18,000 m2 will be built in Uus-Järveküla.
“Uus-Järveküla residential area is primarily aimed at families for whom their first home is becoming too small as the family grows. To a large extent, it is the demographically largest generation in Estonia born during the so-called singing revolution who have reached their 30s today. The project primarily competes with larger apartments in Tallinn. We are happy to say that thanks to the reduced construction prices during the last six months and the scale of the project, we can offer more favorable sales prices in Uus-Järveküla compared to competing projects. This is also probably the reason why, despite the decrease in the number of transactions on the real estate market during the last six months, the client interest towards the Uus-Järveküla development has continued,” commented Kristjan Tamla, head of retail business at EfTEN Capital.
The developer of the Uus-Järveküla residential area is OÜ Invego, which has a long and successful experience in developing residential real estate. EfTEN United Property Fund is the financier of the development, having an 80% stake in the development of the residential area.
