- Sales Promotion: The project owner is investing in the furnishing of show apartments to accelerate sales and increase the project's attractiveness to potential buyers. This is expected to help sell the apartments more quickly and achieve higher sales prices.
- Smooth Construction Progress: Construction works are progressing according to plan – the main structural works in Building A2 have been completed and balconies have been installed, the third floor of Building B has been completed and construction of the fourth floor is underway, while window installation in Building A1 is nearing completion. In addition, the underground parking deck has been completed, and the construction crane is scheduled to be dismantled in the coming months.
- Strengthening Riga RE market: Improving liquidity of newly built housing and steadily increasing prices create favorable conditions for project development – the speed of apartment sales is increasing, and developers are gaining more leverage to consistently raise selling prices, thereby ensuring improving performance indicators.
Interest rates based on investment amount:
– From 100 EUR to 299 EUR – 8.20%
– From 300 EUR to 699 EUR – 8.40%
– From 700 EUR to 1 999 EUR – 8.60%
– From 2 000 EUR to 4 999 EUR – 8.80%
– From 5 000 EUR – 9.00%
Important: individual investments are not aggregated and cannot be combined.
About the Project:
The project owner continues the construction of the multi-apartment residential quarter Piekrasta Rezidence in the Kengarags microdistrict, Riga, Latvia. This apartment building will have 64 apartments and 3 998 m² of sellable area. The average apartment size is 62 m², and 62 parking spaces are also planned. Construction works are progressing according to plan. In building A1, 24 apartments have currently been sold and 40 apartments remain for sale.
Construction works are progressing according to plan – the main structural works in Building A2 have been completed and balconies have been installed, the third floor of Building B has been completed and construction of the fourth floor is underway, while window installation in Building A1 is nearing completion. In addition, the underground parking deck has been completed, and the construction crane is scheduled to be dismantled in the coming months.
The project is located near Latgale Park and the Mols shopping center, in one of the most dynamic parts of the city, just 3,5 km from the center of Riga. The Kengarags microdistrict, home to approximately 52 000 residents, offers well-developed infrastructure and rapidly growing real estate demand, making the project an attractive choice for both living and investment.
It is planned that the sales revenue of apartments in building A1 will reach 7 835 020 EUR without VAT.
Loan information:
The loan will be repaid from apartment sales revenue, while interest to investors will be paid from advances and/or the project owner's operating income.
The project is financed based on the existing pledged asset valuation until it reaches the established maximum loan-to-value (LTV) ratio. Upon reaching the maximum LTV, a new asset valuation must be performed, and further stages of project financing will be announced and collected only if the established maximum LTV is not exceeded.
The fundraising amount is planned to be collected within 7 days, with the possibility to extend up to 30 days if the funds are not fully raised.
About the Profitus
Profitus is a crowdfunding and investment platform with a minimum investment of 100 euros. Profitus investments are secured by real estate mortgages, Your investment is secured by a first or second mortgage on the property, as well as by other collateral (e.g. a surety or guarantee). Transactions are managed through Lemonway, a regulated payment service provider.
Profitus is a crowdfunding and investment platform whose main goal is to make investment available to everyone. Investments start at 100 euros, and the platform is open 24/7. Investments are secured by pledging real estate and other collateral (e.g., indemnity or warranty). Different projects have different security tools that users can access in self-service for each project.
Profitus consults with the Bank of Lithuania in order to ensure perfect compliance with the law. Profitus operates with Lemonway, a regulated payment service provider.
