All in all, 2022 has been incredibly busy but good in spite of the economic and geopolitical turbulence. Challenges come and go but we are able to overcome obstacles and adapt to new circumstances quickly thanks to our great team.
So none of the current projects will be put on hold or canceled?
Endover’s projects have not and will not be put on hold. Everything we are currently working on will be finished according to schedule. We have even launched new projects – the newest of which is our Riviera Viimsi project on Haabneeme beach.
Only some of the newer and farther stages of our projects will temporarily be put on hold until demand has made a recovery or we have sold a large enough percentage of our completed buildings.
Our development projects are so large that we are constantly kept busy and have something on hold, waiting for the right moment at all times. We recently completed over 300 new homes and business premises which is definitely an achievement in Estonia. The progress we have made and continue to make is not indicative of taking a break in any shape or form. We have four new buildings with several hundred premises ready to be built as soon as the market is ready.
The current position of the market indicates that it is unwise to lay bricks without knowing exactly how fast the product can be sold later.
How is the market doing and where is the buyer’s mind at?
I think the first shock has passed and the buyer is making their way back to the market. This was evident in Rocca Towers, the buyer’s focus is on products that are ready today. At this time, the buyer does not wish to take the risk of buying anything that is not yet built.
Here we are at an advantage because both, Rocca Towers and the first bigger building in Volta Quarter, are ready and the next buildings will also be completed quite soon.
Which of Endover’s projects is most popular?
I believe our most popular project is currently Riviera Viimsi. The project’s location is unique in the sense that due to certain restrictions, the number of projects in the area, let alone right near the beach, is very limited. This is probably one of the reasons for the large-scale interest in the project, with people registering their interest on our website. The demand for unique apartments in Viimsi is huge and offers are few.
The presale for Riviera Viimsi has started and the construction is set to begin in the first half of 2023, depending on how the sale goes.
Volta Quarter is such a large-scale project that it could easily be considered within the realm of city planning, rather than a single development project. How would you characterize collaboration with the city?
To be completely honest, no breakthroughs in collaboration or cooperation have occurred over the last 12 months. Building permits and zonings are processed just as slowly and the development of infrastructure is still the sole responsibility of the developer. The only project that we know of is the plan to build a tramway leading all the way to the harbor but there is no news of any other plans for new railway transportation in the district despite the fact that it would be much welcomed.
In spite of this, Volta, Krulli and Noblessneri will form a whole new living environment, based on the concept of a 15-minute city, allowing the inhabitants to take their daily trips on foot, by bike or public transportation all under 10-15 minutes. With cycling and walking becoming more popular, the district will likely self-regulate and bring about a change in the use of streets and roads, making them safer and more convenient for pedestrians and cyclists.
What are Endover’s Christmas traditions?
The holidays are a time for family and friends. The number of days off is quite limited this holiday season but Christmas is spent in the presence of loved ones. The end of 2022 will be peaceful and quiet and our people will get some time off after our annual Christmas party.
Gift giving will be a little different this year. We decided to give our partners holiday cards with original designs by Kadri-Maria Mitti. The card includes a note informing the recipients that instead of gifts, help packages have been sent to Ukraine through Slava Ukraini for each employee of Endover and Metropol.
We have already received feedback and seen our packages reach the people living near war-zones. It is a very touching feeling and a reminder for all Estonian people that we are actually doing quite well over here.
What are your goals for the new year?
Our main goal for 2023 is to finish the ongoing projects and to hand over keys to new owners in all of our new buildings. Another goal is to continue our sales activities.
We will continue with new stages of development in Rocca Towers, Volta Quarter and Riviera Viimsi. Another historic limestone building at Volta is to be converted into business premises and we are currently designing a new high-rise building which will include both, new homes and business premises. At the same time, we are in the process of product design for projects for which we do not yet have building permits.
We are excited about the second half of 2023 when we have to decide on the next projects we wish to proceed with. All in all, there is lots of work to be done and we start the new year with the hope that it brings positive developments in both the economic and geopolitical sphere.
