About Estera Development
Estera Development is a property development company that focuses its operations in Rīga, Latvia. The company was set up by two long-term friends and business partners, Ülo Adamson and Aadu Oja. They have significant professional and entrepreneurial experience in the field of property management and financing of property projects in Estonia. The Estera Development team has experienced design and construction professionals with significant property development experience in the Baltic States and nearby markets.
"We see significant demand in Rīga for affordable properties that are well-designed and targeted toward local residents. We very much emphasise product design, using leading local and international architects, as well as experienced room planning specialists from the hotel sector. We believe that each square metre in our residences should be well planned and functional. We want to use materials and technologies which satisfy modern standards and requirements in terms of quality, durability and environmental friendliness. We can offer these to our clients at a reasonable price level. This requires very close co-ordination of the work of designers and building experts, as well as detailed 3D modelling. We invest a lot of effort into quality control in our building projects, always making use of quality standards from the best Scandinavian construction practices. It is hard work to ensure that everything operates well, but we genuinely enjoy the process if, at the end of the day, we have a good final result and clients who are satisfied about their new homes.
Our projects are funded with our own equity funds, as well as private co-investors from Estonia and the UK. We also deal with investors from innovative and new crowdfunding structures. Most of the financing for the construction projects typically comes from leading Latvian banks."
By mid-2018, we will have completed our first two projects, Liepziedi (first phase) and Tuvidi. We have developed our first 250 flats in Rīga, and most of them will be sold by the end of this year. We also have a land portfolio with several locations in and near Rīga, and we can develop more than 1,500 new flats in those locations. These new flats will be built over the next few years in several developmental phases, the aim being to hand over keys to 100 new homes each year.