Helsinki's most expensive new housing development will go up in Eiranranta

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Helsinki's most expensive housing blocks, measured in price per square metre, will be erected on the Eiranranta waterfront site. The luxury apartments scheduled for completion in 2008 are likely to cost up to EUR 7,000 per square metre.
      This is because the price of the Eiranranta land has soared to record heights.
     
The bidding contest on Eiranranta's four available housing plots was closed on Monday. The city received nine offers in all. The plots attracted offers from construction companies, a property developer, and a couple of real estate investors.
      The City of Helsinki Real Estate Department refuses to disclose the range of the received offers. According to initial calculations, however, the city should receive around EUR 30 million from selling the four sites in Eiranranta.
      "This will be realized, and a bit more", reveals real estate lawyer Jaakko Stauffer from the Real Estate Department.
     
The bidders are willing to pay top prices for the plots, up to EUR 2,500-3,000 per permitted building square metre, experts in construction and real estate circles have estimated.
      When the city last organised a bidding contest for two valued waterfront sites in Katajanokka, the average price per permitted building square metre reached EUR 1,700.
      Eiranranta's planned residential towers will encompass about 230 apartments, some with private roof terraces. The top two floors will consist of penthouse-style flats. According to the city plan, the average size of the planned non-subsidized rental and owner-occupied apartments is going to be around one hundred square metres.


Previously in HS International Edition:
  Helsinki shipyard rail branch line to be pulled up in the summer (22.2.2005)
  Bidding contest in prospect for four housing plots in fashionable Eiranranta district (31.3.2004)

Links:
  Helsinki City Real Estate Department

Helsingin Sanomat