“The greatest challenges in the capital’s housing market are currently emerging due to a lack of supply – we cannot recall a situation like this in terms of the assortment of new housing premises. This raises prices and tensions on the market, which leaves experts concerned. Citus aims to promptly create a project that reflects the advantages offered by the company: comfortably and flexibly planned apartments; a well thought out, safe and comfortable environment. Moreover, the location we chose is favoured and appealing to city residents due to its comfortable transport links and numerous recreational, resting, retail and leisure locations,” Citus head Mantas Galdikas says.
The project is currently at its initial stages, with the first publicity stage underway and significant work looming in the future. A sport-purpose building has also been announced. This is the case because its prior owners were planning a sports complex here and received approval for this purpose in the detailed plan. However, the project was abandoned. There are now numerous sports facilities and clubs in the vicinity, making the commercial success of such an enterprise dubious, while there is a lack of housing.
The sports building will be repurposed, another apartment building will be designed, and procedures will be completed so as to obtain a second construction permit. The project’s sales and communication will be launched only once the design, purpose and construction permit issues are resolved in full.
“This entire territory, spanning Kareivių, Kalvarijų, Verkių and Žvalgų streets, is undergoing never before seen changes and transformation and all developers prepared to work here must deal with matters outlined in the detailed plan. Therefore, we hope that the lengthy design and construction permit issuance process, as well as other formalities, will proceed as smoothly as possible, and market pressures over the contracting supply of housing will decrease,” the real estate project management company’s CEO says.
According to data from Citus analysts, over the first nine months of this year, 6,334 apartments and terraced houses were reserved in Vilnius, while the supply (the number of apartments and terraced houses on offer) shrank from 4,877 to 3,711 apartments.
It is planned for the Citus project to feature a total of around 160 apartments. Construction works are due to start in QI 2022, with the project planned to reach 80% completion in QII 2023 and 100% completion in another year – in QII 2024.
Numbers and facts
- Site address – Kareivių street 2E, Vilnius;
- Plot land area – 0.5583 hectares;
- Expected investment – around 12.7 million euros;
- Planned floor area – around 13 thousand square metres;
- Planned construction schedule: construction launch – QI 2022, end – QII 2023 (80% completion) / QII 2024 (100% completion).
