Construction firm Scandium Kinnisvara has laid down the cornerstone for the Marienholm poolsaar (peninsula) development, adjacent to the Suur Viik, a coastal inlet to the north of the town center.

The first phase alone comprises five apartment buildings, totaling 50 apartments, and construction is due to be finished by next spring.

Scandium Kinnisvara CEO Maido Lüiste put the figure of the investment for the first phase at approximately €15 million.

Despite a significant fall in transaction numbers seen on the Estonian real estate market last year, Marienholm is considered a promising development due to its unique location.

Slightly over half of the 50 first phase units have in fact already been reserved.

"Given the stage we are at today, that is more than enough. We still have over a year to go with the construction, and typically, sales continue even after the apartments are completed," Lüiste said.

"We are highly satisfied with the current stage and are already planning the next phase," he went on.

"That will likely be half the volume of the current stage. In the first phase, it was natural and sensible to build five houses at once, while the next one will likely total 25 apartments," the Scandium Kinnisvara CEO added.

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