YIT Lietuva has recorded another active quarter in the housing market, but is monitoring signs of market stabilization
The modern residential housing development works in Piliamestis, on the right bank of the Neris River in Kaunas, on the other side of the Old Town of the former provisional capital are continuing. The developer YIT Lietuva, a sustainable urban development and construction company, is starting the 10th phase of the development project in the residential area. It will give rise to a modern apartment building, named after Norviliškės Castle.
The two-building 6- and 4-storey A+ energy efficiency class complex will have 54 apartments with a total area of 2,980 sq. m. Apartments on the first floor of the house will be equipped with spacious outdoor terraces. Residents of the fifth floor will have terraces on the roof – this type of apartments was in great demand in the previous phases of the project. Owners of the remaining apartments will enjoy the fresh air and the outlook from their spacious balconies. The price of the apartments will start from EUR 1,793 per square meter.
“Over the past few years, the right embankment of the Neris River in Kaunas has changed beyond recognition. Further development of the Piliamiestis sub-district will contribute to such changes even more. The residential quarter has harmoniously integrated into the overall urban landscape of Kaunas, while its development has given impetus to the improvement of the surrounding infrastructure and has had a positive impact on the city's development processes,” says Kęstutis Vanagas, General Manager of YIT Lietuva.
It is scheduled to complete the tenth phase of the development project by the end of next year, and the first residents will be able to settle in the new “Norviliškės Castle” house in 2022. In spring of next year, the company is planning to commence the construction of another premium-class apartment building. By 2028, 20 new buildings are planned to rise up on the right bank of the Neris River in Kaunas.
The architect’s Tomas Kriaučiūnas team has designed the new residential building taking into account excellent feedbacks from residents of the Dubingiai House. The new building will have spacious terraces and balconies, as well as large windows to provide natural daylight inside.
On the basis of current trends for apartment buildings, the house will be equipped with an efficient central manifold, under-floor heating, and a central recuperation system. The apartments will have multifunctional intercoms with touch screens and video surveillance cameras connected to the system.
A large 96-space underground car park will be provided for under the new Piliamiestis House, so, the designed courtyards will belong to people and green recreation areas, rather than to motor vehicles.
As the quarter expands, the development of the surrounding transport and service infrastructure is continuing, too – Brastos Street leading to the quarter has been renovated, bus stops are being equipped, new shops and business premises are planned to open.
In 2018, the Piliamiestis project was awarded in the competition “For Sustainable Development” organised by the Lithuanian Real Estate Development Association (LNTPA) and the Academy of Sustainable Development. The residential quarter Piliamiestis received an award in the best residential project category for the assured entry into a new area and care for the community.
YIT Lietuva is also currently implementing the urban project “Naujasis Skansenas” in reviving Šnipiškės sub-district of the capital, developing the residential housing project “Matau Vilnių” near the Tauras Hill and the second phase of “Raitininkų Sodas” across the Kalnų Park. In Vilnius, it is also building a business centre on Žalgirio Street and a production facility on Dvarčionių Street. Further, the company implements infrastructure, industrial, and logistics facility projects throughout Lithuania, including the repairs of the A1 trunk road, erection of a multi-level crossing of railway and highway in Vievis, and so on.