Eika Residential Fund, managed by Eika Asset Management, has started developing a residential project at Skroblų Street Nr. 12 and 14. The project will be carried out in two phases, during which there will be built around 260 apartments. The estimated investment amount is 20.7 million euros.
The beginning of the first construction phase is scheduled for August 2020, and the completion of both phases is planned by the second quarter of 2023. Skroblai Street is in the southwestern part of the city of Vilnius, and borders with Naugarduko, Žemaitės and Klevų Streets, from which one can conveniently reach both the city centre and nearby areas of Vilnius city.
"We commenced our fund management activities in order to enable the investors to earn development yields and are successfully fulfilling this promise. We hope that Skroblų Street project will turn out to be another great step towards creating a successful track record for our funds," said Viktorija Orkinė, CEO of Eika Asset Management.
This is the second EIKA Residential Fund project in residential property development that will use external investors’ commitments. The first project "Antakalnio panorama", located at Smėlio Street, Antakalnis area, is currently being finalised and the building is in the process of being submitted to the state commission for approval.
EIKA has been appointed as the project manager with investors’ approval. According to Martynas Žibūda, EIKA’s director for development, this is another great example of territory conversion, which will contribute to the renewal of the city, as well as changing its urban landscape. "We will convert the former industrial area into an attractive place to live, also believing that this project will inspire the renewal of the entire area", commented M. Žibūda, assessing the future potential of the project.
During the first phase, there will be built two buildings with 122 apartments. Both buildings will have two separate sections with a distinct number of floors, 5-6 and 6-7 floors each, where future residents will be able to choose from 25 sq. m to 70 sq. m size apartments. The architect of the project is Vytenis Gerliakas, a Project Manager at Eventus Pro. Residents will be able to park their cars in underground or above-ground parking areas, which will include a total of 106 parking spaces. The project will also have an inner courtyard, children playgrounds, active exercise spaces for teenagers and recreational areas for the elderly.