New Riga suburb planned with trade, IT

Property company SIA Saliena Real (LAT/NOR/UK) will invest at least USD 50m in developing an area of 500 hectares in the city of Pinki, which is on main road between Riga and the resort town of Jurmala. The company has plans to combine the building of housing with construction of premises aimed at light industrial companies, businesses in trade and service, plus IT companies. Saliena Real has so far earmarked 1,6m m2 for offices and business tenancies, 1,2m m2 for public areas such as parks and other recreational areas, 1,0m m2 for homes and 0,6m m2 for high-tech companies. In the first phase of construction, which begins in spring 2001, Saliena will develop some of the area that targets high-tech companies and companies in trade, service and entertainment. According to Turmud Stene-Johansen, the area is to be developed with an eye to attracting a number of new foreign investors.