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Latvia’s first 5-story wooden modular building assembled in Jelgava
We’re excited to announce that the modular units for the first building in our Jelgava project have been successfully assembled. This marks a significant milestone, as we are proud to be the first in Latvia to build a five-storey wooden modular building — a true innovation in construction.
In Jelgava, we’re developing a rental housing complex consisting of two modern, energy-efficient five-storey apartment buildings.
Each building will have 58 fully finished apartments of various sizes, complete with bathrooms, kitchens, and appliances.
We are using a modern construction method: prefabricated modular units produced in Tukums, Latvia, by Rebalt Modular Systems, a company affiliated with MJL Enterprises (rebuilt.lv).
The first building is expected to be completed and ready for occupancy this summer.
The surrounding area is also being developed to include resident parking, green spaces, a small park, a children’s playground, and other modern infrastructure elements to ensure a high quality of life.
The project will offer 116 rental apartments to Jelgava residents, allocated based on the municipality’s official waiting list.
The total project cost is €13.13 million. It began just one year ago, in June 2024, and full completion — including the second building — is planned for Q1 2026.
This project will significantly support MJL Enterprises’ cash flow and reinforce the guarantee MJL has provided Devon’s lenders.
The project is financed by Latvia’s national development institution, Altum, with a fixed 0.69% interest rate over 30 years. It also includes a 30% loan write-off (grant) once 95% of the apartments are rented.
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