Šarūnas Tarutis, Investment Director at Citus:
We are preparing for expansion and finalising this year’s and next year’s investment plans. The market needs new housing to balance supply and demand, and ensure sustainable growth, so we are exploring new development opportunities. The project is being handled by a strong team from SP architects led by the renowned architect Saulius Pamerneckis. The project has already received approval from the Regional Architects’ Council experts, the preliminary proposals have been confirmed and the specific architectural requirements have been obtained. So, it’s now a matter of completing the design, obtaining the construction permit and starting the work.
Construction and sales are expected to start in the second or third quarter of next year. Construction work will be managed by the group’s company, Citus Construction. The project is expected to require an investment of almost EUR 36 million. Part of this may be financed by a bond issue launched by the group’s company Vanagas Asset Management.
The project includes three buildings of the highest energy efficiency class, A++, of 5–9 storeys. In two phases, it will deliver around 250 upper-medium-class housing premises. One of the buildings will be nine storeys high, with the upper floors offering expansive panoramic views of the Naujamiestis district.
Tarutis says the demand for rental housing will remain high in the long term, so the project should attract investors. In one phase, 30% will be 1 and 1.5 rooms, 28–38 sqm; 60% will be two rooms, 45–54 sqm, and the remaining 10% will be three rooms, 57–58 sqm.
In the other stage, more spacious flats will be offered: the most extensive 3-room flats with an area of 50–75 sqm will account for about 30%, while 1-room and 2-room flats with an area of 32–35 sqm and 41–56 sqm respectively will account for almost 60%. Buyers looking for even more space can purchase 4-room flats with an area of 71–85 sqm.
The built area will be around 20,000 sqm, and the usable area will be around 15,500 sqm.
It also includes some 2,500 sqm of business space, which could accommodate various shops and services that residents need daily.
The project includes a spacious courtyard and generous distances between buildings to ensure residents’ comfort. This is made possible by the design, which did not seek to achieve the maximum limits of the normative intensity and density of development provided for in the general plan.
Saulius Pamerneckis, the architect of the project and Head of the SP architects’ group:
By designing the project in a busy but auspicious and desirable location, we have responded to the environment around it. First, we clearly distinguished between the private spaces of the residents and the external public spaces, and created a large private courtyard. At the same time, we ensured a visual connection between the project environment and the adjacent open space planned outside the project, which is accessible to all. The sculptural-artistic accents and landscaping solutions will complement the urban environment of the project.
The future project is planned in a strategically convenient location: near the important Tūkstantmečio and Naugarduko streets (with direct access to the Old Town), with shopping, business centres and schools. This is the part of Naujamiestis with the most significant potential and good prospects, which is currently undergoing intensive regeneration with new housing and business projects revitalising the former industrial areas.