Endover continues construction of new developments to counter growing deficit - Endover

Endover continues construction of new developments to counter growing deficit

The second, 18-storey tower in the Rocca Towers highrise development has now achieved its maximum height of 70 metres and will be ready for its residents and business operators to move into by the end of spring.

“Demand is as strong as ever on the property market at the moment, so much so that we actually exceeded our sales goals for the first quarter of the year,” said Robert Laud, a member of the management board of Endover. “Both home buyers and investors are looking to put their money into real estate, at least partly because of the threat of inflation. Property prices still seem to be rising slightly rather than falling, with higher construction costs and the shortfall in new developments playing a role in that.”

According to the developer, interest in Rocca Towers has been high, with 65% of the apartments and commercial spaces in the second tower already sold. “The situation on the market right now is that a lot of developers just don’t have anything to offer buyers,” Laud explained. “There’s nothing left for them to sell, and they’re reticent to take on new developments. But unlike many of our competitors, Endover is currently offering – and building – a large number of developments, which we’ve forged ahead with as planned even in the wake of the events of 24 February. The biggest problem for developers is the uncertainty surrounding construction prices and supplies. Our advantage in that regard is that we have our own in-group construction company, which allows us to manage our construction processes flexibly and transparently.”

We’re placing a lot of emphasis on construction quality, and despite the challenging times, we’ve managed to guarantee the supply of all of our key materials right up to the end of the construction period

Raido Pärn, member of the management board of Metropoli Ehitus

Raido Pärn, a member of the management board of the main contractor on the Rocca Towers development, Metropoli Ehitus, says construction of the quarter is going according to plan. “We’re placing a lot of emphasis on construction quality, and despite the challenging times, we’ve managed to guarantee the supply of all of our key materials right up to the end of the construction period,” he explained. “The development’s providing work to almost 400 people, with assembly work on the third tower taking place at the same time as interior work’s being done on the second tower. Both are due to be completed this summer.”

Rocca Tower II on valmis!

The flagship of the buildings is the penthouses on the 17th and 18th storeys: luxury apartments spread over two floors and measuring up to 127 square metres in size whose floor-to-ceiling windows offer stunning views out to sea, over Lake Harku and nearby Tallinn Zoo and towards the Old Town. These views will never be interrupted, as the neighbouring Rocca al Mare shopping centre and zoo are both low-rise sites. Rocca Tower II will be home to 78 one- to four-room apartments and 16 commercial spaces. Apartment prices start from 3460 euros per square metre, rising to over 5000 euros per square metre for the penthouse apartments.

Being constructed alongside the towers is a three-storey parking station. Connected to the buildings, it will provide a total of 291 parking spaces for the second, third and fourth towers. The 1200-square-metre roof of the parking station will be transformed into a landscaped terrace space for the use of residents, featuring a children’s playground as well as relaxation areas for adults.

‘WoHo’ or Work and Home quarters like the Rocca Towers development are growing in popularity around the world, including in Estonia, all the more so because of recent changes in the economy and working practices. The developer says both buyers and renters have shown an interest in the Rocca Towers commercial spaces because of the site’s logistically favourable location: the proximity of the Haabersti overpass provides easy access to both the centre of the city and many of its districts. The commercial spaces, which boast floor-to-ceiling display windows and high ceilings, have been purchased to serve as offices, shops and service points. Among them will be centres offering beauty, day spa, childcare and treatment services as well as a range of stores.

Endover sold more than 300 apartments in 2021, to a value of 67 millions euros – one of the highest volumes on the residential development market in Tallinn. The Rocca Towers quarter is situated close to the Haabersti overpass. It will be home to five buildings offering more than 330 apartments and 4000 square metres of commercial space. The first buildings were completed in 2021, with the complex as a whole due for completion in 2023. Its total construction volume is 41,181 square meters.

The buildings were designed by architects from ARS Projekt, who were also responsible for the Maakri quarter highrises and the Endover-developed Torn. Interiors were created by interior architect Aet Piel and Maarja-Linda Taur. The main contractor is Metropoli Ehitus, design work is performed by Esplan.