History
2013
In April 2013 NEWCOM and EfTEN Capital - Estonian asset management company specializing in real estate investments, founded joint venture EfTEN Capital in Latvia. NEWCOM owns 50% of EfTEN Capital share capital.
2012
After successful performance within scope of Arco Vara group SIA Arco Development - Latvian development entity has launched and accomplished reorganization process that has resulted in founding of new company NEWCOM Development which is 100% owned by existing shareholder NEWCOM.
2011
On auction held on August 9, 2011 the property – land plot of 86,19 ha which was previously leased from SIA Rīgas Meži was purchased by SIA Prime Capital for 1 138 000Ls. SIA Prime Capital is 100% owned by one of SIA Arco Development shareholders Viktors Savins.
2010
Sales of land plots at Baltezers and finished apartments at Kometas street Bišumuiža, Riga is maintained at a reasonable pace.
2009
Land plot 3,614 ha at Kometas street, Riga on which Bišumuiža Project is being developed was privatized.
Estonian Arco Ehitus OU sells back its 55% ownership in SIA Arco Construction to existing shareholders.
2008
Land plot „Dumpji" in Baltezers area was parcelled into 53 units with total sellable land area of 9,977 ha.
Infrastructure building works (road asphalting) started in 2007 and project was completed in June 2008. Total investment in infrastructure amounted to 1,2 mln.Eur.
Detail plan for land development project of ~86 ha at Baltezers was approved and land area available for sale for building single family houses was set to ~66 ha, the remaining territory to be used as recreational area.
2007
Arco Vara group company Arco Ehitus OU acquires 55% of Latvian based construction company SIA Dinamo Būve. Name of the company is changed to SIA Arco Construction.
2006
Proceeding construction of Bišumuiža project 1st stage (4 buildings).
Technical project for Bišumuiža project external communications (17 buildings) is approved.
2005
In November SIA Arco Development started Bišumuiža residential development project on land site located at Kometas street, Riga. Total land area is 3,614 ha and it was privatized by SIA Arco Development during development process.
The project incorporates construction of 17 four-storey houses of similar floor planning and technical solutions, each containing 14 apartments. The project is being carried out gradually depending on market demand and sales activity.
Construction of the first stage, 4 houses started in October 2005 and buildings were commissioned in February 2008.
The second stage – construction of 5 houses – is still under development with three buildings commissioned, while the remaining 2 buildings have been erected, but will be fitted out and commissioned in 2012 and 2013.
2004
Arco Vara decided to intensify its development activity in Latvia by founding SIA Arco
Development in March 2004.
„Mazais Baltezers" project was further carried out and completed by SIA Arco Development in 2005. The investment in infrastructure building reached 1,6 mln.Eur. After land area parcellation the Project possesed 31 land plots which were sold to end users by end of June 2006.
„Mazais Baltezers" development project was the first step made in the vast development Project to be carried out in Baltezers area in the following years.
In 2004 SIA Arco Development extended its possesion by purchasing additional land plot of 11,84 ha – „Dumpji", Baltezers area and concluding land lease agreement for 30 years with Riga Forest Agency on ~86 ha land plot in Baltezers.
2003
The Development division of SIA Arco Real Estate launched its first medium-scale development project – 11,3 ha - „Mazais Baltezers" in Baltezers area, Riga region. The Project envisaged building of infrastructure, parcelling and selling of land plots for construction of single family houses.
1997
Estonian real estate company Arco Vara began expansion in other Baltic states starting with Latvia and establishing SIA Arco Real Estate in Riga.