Nordecon AS and Selvaag Sakala OÜ, a subsidiary of the Norwegian real estate group Selvaag Gruppen, signed a contract for the construction of an office building in Tallinn city centre, at Kentmanni 4/Sakala 10. The cost of construction work will be approximately 4.3 million euros.
“As a builder, I am glad about this contract – in the area of the construction of buildings, private sector contracting entities have been quite a rare phenomenon in the recent years. General improvement of the economy allows us to hope that this is a sign of gradual activation of development activities and the revival of commercial real estate market,” said Avo Ambur, Member of the Management Board of Nordecon AS. “New investments in our market are only welcome and there is no need to resign from any of the new development projects just because of the preparedness and skills of construction companies."
Avo Ambur said that the Kentmanni office building will functionally be divided into two wings – the part of the building in Sakala Street has six storeys and the one in Kentmanni Street is a five-storey building. According to the design, a 150-square meter roof terrace with glass balustrade will be built on the roof of the 5th floor. In the basement, there will be a parking lot for 22 cars and technical rooms. The total floor area of the building will be about 4,860 square meters.
The construction work will begin presumably in the spring of 2012 and will last 15 months.
The Selvaag Group is the biggest developer of apartment buildings in Norway. In the Estonian market, the company is engaged with the management and development of office and warehouse space and has also begun the development of apartment buildings.
