- Increasing Apartment Sale Prices: In September 2026, two new preliminary apartment sale and purchase agreements were signed at significantly higher prices than initially projected in the business plan. As the project approaches completion, the developer is gradually increasing sale prices.
- Significant Construction Progress: The main structural works of all three apartment have been completed. Facade works are nearing completion and interior installation works are underway in Building A1, while window installation is beginning in Buildings A2 and B. Preparations are also underway for the commissioning of Building A1.
- Increasing Project Value: Since the valuation carried out in June 2026, approximately EUR 1.64 million worth of construction works have been completed, while the project's valuation has increased by more than EUR 1.3 million.
Interest Rates Based on Investment Amount:
– From EUR 100 to EUR 299 – 9.50%
– From EUR 300 to EUR 699 – 9.70%
– From EUR 700 to EUR 1,999 – 9.90%
– From EUR 2,000 to EUR 4,999 – 10.10%
– From EUR 5,000 to EUR 9,999 – 10.30%
– From EUR 10,000 – 10.50%
Important: Separate investments are not aggregated and cannot be combined.
About the Project
The project owner continues the construction of the "Piekrasta Rezidence" residential apartment complex in the Latgale neighbourhood of Riga, Latvia. Building A1 will comprise 64 apartments with a total saleable area of 3,998 m². The average apartment size is 62 m², and 62 parking spaces are also planned. Currently, 26 apartments have been sold in Building A1, with the remaining 38 apartments still available for sale. Sales of apartments in Building A2 have not yet commenced.
Having sold another property owned by the developer, the developer is additionally investing more than EUR 500,000 of its own funds into the project.
Construction is progressing according to plan, and the project is steadily approaching completion. The main structural works of all three apartment buildings have already been completed. In Building A1, facade works are nearing completion, while internal utility installations and interior finishing works are underway. Window installation is beginning in Buildings A2 and B. The developer is also actively carrying out the necessary works to prepare the commissioning of Building A1.
Since the most recent property valuation, conducted in June 2026, approximately EUR 1,636,000 worth of construction works have been completed according to the submitted construction budget, while the project's valuation has increased by more than EUR 1,300,000.
Apartment sales results also demonstrate positive project progress. In September 2026, two new preliminary sale and purchase agreements were signed. One apartment of 37.1 m² was sold for EUR 122,644 (EUR 3,305/m² excluding VAT), while another apartment of 60.3 m² was sold for EUR 170,578 (EUR 2,829/m² excluding VAT). The initial business plan projected sale prices below EUR 2,000/m² excluding VAT. Taking into account construction progress and rising property market prices, the developer is increasing apartment sale prices with the aim of generating higher project revenues.
To accelerate sales, the developer plans to install a separate sales office, dismantle the construction crane and fully uncover Building A1 in the near future, allowing potential buyers to better assess the building's architecture and construction progress. Investments are also being made in furnishing show apartments and updating the project's marketing materials. More information about the project is available on the updated website: www.piekrastarezidence.lv.
The project is located near Latgale Park and the Mols shopping centre, in one of Riga's most dynamic urban areas, just 3.5 km from the city centre. The Latgale district, home to more than 22,000 residents, benefits from good public transport connections and well-developed urban infrastructure. Active building renovation and environmental improvement initiatives are taking place in the area, enhancing its attractiveness for residential living and long-term investment.
The projected revenue from apartment sales in Building A1 is EUR 7,835,020 excluding VAT. The funds raised during this stage will be used to continue the development works. The project loan agreement is scheduled to mature on 17 March 2028. Financing may be raised in stages, with the current financing stage having a term of 12 months. Upon expiry of this stage, funds may be raised again to extend the financing.
Loan Information
The loan will be repaid from apartment sale proceeds, while interest payments to investors will be funded from advance payments and/or the project owner's operating income.
The project is financed based on the existing valuation of the pledged property until the established maximum loan-to-value (LTV) ratio is reached. Once the maximum LTV is reached, a new property valuation will be required, and subsequent financing stages will only be launched and funded if the established maximum LTV is not exceeded.
We aim to raise the target amount within 7 days, with the possibility of extending the fundraising period up to 30 days if the required funds are not collected.
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.
