OREANDA-NEWS. Riga, Latvia, July 28, 2014, 09:10 / Investments

In the first half of 2014, the property development and trading company Pillar reached the best sale results in its history. During the first six months, Pillar Group concluded sale deals for 350 properties, which is 48% more than in the corresponding period last year. The total number of deals amounted to EUR 18.3 million.

Stable high activity was noticed in the residential market, where 218 sale deals were concluded during six-month period. Whereas during the first half of 2013 there were 169 serial apartments sold.

Premium-class apartments and apartments in new projects are continuing to be highly demanded. This year, in new projects, 104 sale deals were closed and two premium-class apartments in “Elizabetes Park House” were sold. Besides, 14 private houses were sold.

In order to meet growing demand, Pillar actively continues managing its existing property portfolio, developing new projects and implementing a reconstruction programme. Thus, e.g. in the beginning of the year, Pillar completed interior finishing in the apartment block “Dārza Apartment House”, built in a modern architectural style, as well as commissioned another apartment block - “Lielezeres Apartment House”. In turn, in June, reconstruction works were completed in 10 new apartments in the apartment block at 13A Akadēmiķa M.Keldiša Street in Riga.

Nowadays, construction works are being carried out in the premium-class apartment block “Miera Park House”, applying new technologies to meet high quality criteria. The sale of apartments is going to start already in the first half of 2015.

Looking back at the first half of the year, the Chief Executive Officer, Ieva Valtere highlights: “The developing tendencies in the market reflect the recovery of the Latvian economy. The residents' paying capacity is growing gradually and steadily, and our statistics evidences it - more than 90% of sold properties were purchased by Latvian residents. Attractive prices for properties stimulate demand. According to our calculations, during the first six months prices in apartment blocks increased only by 4%, and prices in new projects grew even less. This price growth shows healthy growth in the market.”

In our portfolio of reconstruction properties there are special and appreciated by our clients property projects, such as: "Elizabetes Park House", "Saules Rasa", "Pine Breeze", "Mārtiņa Nams 2", "Liesmas Apartment House", "Dārza Apartment House", "Lielezeres Apartment House" and others. The quality of our work is evidenced by fact that most of those have already been sold off. Read more about Pillar and its properties on the website: www.pillar.lv <http://www.pillar.lv>.

Pillar Holding Company, KS, established in 2008, is owned by the largest private bank in Latvia - ABLV Bank, AS, and it includes ABLV Group companies that operate in the field of real estate development, management, and trade. Pillar holds one of the largest real estate portfolios in Latvia, which comprises apartment blocks, apartments, private houses, land, and commercial properties. In total, Pillar supervises 900 properties worth about EUR 74 million. So far the company has invested the total of EUR 15 million in renovation of properties.