We did send our our next report on Rootsiküla development project. We summarize the key facts below:
1. Key activities during the previous period
The following key activities were carried out during the previous period:
Crowdestate Rootsiküla SPV OÜ was registered in European VAT register on September 16th, 2015. The prepaid VAT amounting EUR 1.243,17 has been returned to Crowdestate Rootsiküla SPV OÜ bank account.
The shareholders of Hepsor Rootsiküla OÜ signed the shareholders’ agreement on August 28, 2014 on the previously disclosed terms. The agreement governs the key principles of financing and managing the development project.
Hepsor Rootsiküla OÜ purchased the plots on August 29th, 2015 on previously disclosed terms.
Hepsor Rootsiküla OÜ and Hepsor OÜ concluded the project management agreement, the contract price does not exceed the costs disclosed in the original business plan.
Hepsor Rootsiküla OÜ and architectural design company AB Korrus OÜ concluded the design contract. According to the agreement, AB Korrus is responsible for delivering the completed design project and building permit by the end of January 2015. The planed apartment buildings have been completely redesigned both externally and internally to match the buyers’ needs, please see some illustrations below.
Hepsor Rootsiküla OÜ has selected the designers for constructional and specific parts of the building.
Hepsor Rootsiküla OÜ and Pindi Real Estate concluded the cooperation agreement governing the sales terms and activities. Pindi Real Estate has a vast experience in selling residential properties in Peetri and Rae county as a whole. Experts from Pindi Real Estate are also engaged in the design process to find the best match for the potential buyers’ needs.
8 small apartment apartment buildings with 4 apartments each (total of 32 apartments) will be erected on the acquired plots. While the original business plan was about building 8 similar apartment buildings with 32 similar 3-room apartments on both floors, the floor plans have been changed and there will be 2 types of buildings:
- 3 buildings with 4 3-room apartments, 68,7 square meters each;
- 5 buildings with 2 3-room apartments, 63,0 square meters each and 2 4-room apartments, 73,4 square meters each.
2. Key activites in the next period
The following activities are expected to be completed by the end of January 2015:
- Coordination of pre-plans and building permit documentation with Rae County officials;
- Finishing high-level design project and partial reach of detailed design project;
- Finishing design for utility connections;
- Final assembly of design documentation and its presentation to Rae County officials;
- Obtaining the building permit from Rae County;
- Selecting the construction supervision partners and signing the contract with them;
- Signing the construction contract.
3. The architectural solution for external images
The apartment buildings have beed completely redesigned.
4. Floor plans
The floor plans have also been completely redesigned.