Blog

Devon operations overview / July

In July, MJL Enterprises continued work across its active development projects, with updates in construction progress, design coordination, and preparations for upcoming sales and rentals. Activity remained steady at sites including Meira Garden, Amber Park, Duntes Park, and Barona 92. The rebranding of Meira Garden progressed further, and modular integration work continued. At Villa Astor, sales and rental preparations moved forward, with several apartments entering the following stages of the transaction process.

MJL Group incentives

• Meira Garden rebranding - Originally called Mežaparka Nams, the project carried this name through its initial financing rounds, which focused on securing the land and preparing for development. Now, as the project enters a new and more mature phase, it has been rebranded to Meira Garden.

This new name better embodies the spirit of the project and the lifestyle it offers, while also aligning with our commitment to modular construction standards. Our affiliated company, Rebalt Modular Systems, will manufacture all structural modules for the buildings.

• Jelgava, Ganību iela 54 – We are approaching a key milestone, with the commissioning of the first building expected by September this year. The first residents are anticipated to move in as early as October, and we expect 100% apartment occupancy (rental) by the end of November. Meanwhile, the installation of modular structures for the second building is already underway, with completion planned for Q1 2026.

The European Commission, ALTUM, and MJL Enterprises are jointly implementing this project.

Funding and platform highlights

• In July, funding volume at Devon reached €687,634, bringing the total volume to €3,221,254.
• Fifty-two (52) new active lenders have joined the platform, increasing the total number of active lenders to 449.
• The average interest rate has remained high at an impressive 16.32%.
• Interest earned by lenders in July increased to €62,203, totalling €204,124.
• The average funding amount increased by 11% to €7,180 per lender.

Devon Project Statuses

In July, MJL Enterprises continued progress on existing projects.

Meira Garden

• The integration of modular construction technology is progressing steadily, with ongoing technical adjustments to ensure full compatibility with this innovative and efficient building method.
• A facade design concept has been developed, combining architectural coherence with the specific functional requirements of modular systems. In parallel, floor layouts and apartment plans have been reviewed and updated to better align with both market demand and the design constraints of modular construction.
• A temporary “coming soon” version of the project website has been launched, allowing early visitors to register their interest and sign up for exclusive early access to apartment offers. The full website launch is scheduled for August and will feature detailed project information, apartment layouts, visuals, and interactive tools.
• The project’s rebranding - from Mežaparka Nams to Meira Garden - has been completed. The new identity reflects the project’s distinct value proposition, premium location, and modern construction approach. A full presentation of the branding concept will be shared in the coming weeks.

Tērbatas Loft

• As scheduled, a preliminary purchase agreement has been signed, and the deposit has been received. Finalisation of the transaction is expected in October.
• At this stage, we are evaluating multiple offers related to architectural and design coordination services.

Amber Park

• In response to market trends and increasing customer demand for high-quality rental homes, a selected number of apartments at Amber Park will be made available on the rental market. Interior furnishing is currently underway, with rental listings expected to go live this autumn.
• To enhance the living experience, we’ve established a design partnership with Design Box, which will style our demo apartment and provide tailored interior solutions to meet the expectations of today’s tenants.
• We have also partnered with Attēls R, who will supply kitchen installations for both the demo unit and other apartments throughout the building.

Duntes Park / Stage 1

• Progress continues on the design phase of the project in collaboration with the architectural firm Arhiteze (https://arhiteze.lv). The team has presented initial concepts for the technical solutions, as well as a preliminary visual identity for the development.
• Work is actively underway to refine and coordinate the detailed design elements.
• The conceptual design has been submitted to the Riga Construction Board and is currently awaiting review.

Barona 92, Riga

• The acquisition has been completed and registered in the Land Registry.
• A revised project proposal is currently under review by the local building authority, with approval anticipated by the end of August.
• In parallel, demolition and permitted renovation works have already commenced.
• All administrative matters - such as electricity connection and facility management agreements - have been successfully finalised.

Villa Astor

• Sales at Villa Astor continue to progress. In early July, the purchase process began for two apartments, both of which are expected to be finalised shortly.
• In addition, three apartments are being prepared for rental. In collaboration with Reaton, we have selected high-quality finishing materials suitable for rental purposes. These units are scheduled to launch on the rental market in September.