YIT making space for new development projects by cutting prices

Press release

Starting from April, YIT Kodu cuts its prices for apartments on sale in order to prepare for new development projects. An almost 50% price depreciation compared to the top prices during the real estate boom, gives clients a possibility to acquire a new home in the current economic climate and the company can concentrate on executing new projects.

The Chairman of the Management Board of AS YIT Ehitus, Priit Sauk, says that the company decided to cut the prices of the apartments in order to ‘make space’ for new development activities. “The current economic situation may seem as crisis for pessimists, but we consider it to be a period before a new boost and plan to start up with the preparations for new projects,” Sauk commented. The manager of AS YIT Ehitus affirmed that the company has a possibility to start to continue the development of Mäepealse dwelling area and also a detail plan for a plot in Kalamaja is in its final stages.

YIT Ehitus is planning to build nearly 600 apartments, in 15 houses at the Mäepealse dwelling area, located between Mustamäe and Nõmme, and half as much, nearly 300 new living spaces to the 5-hectar area in the valuable surroundings of Kalamaja.

AS YIT Ehitus (www.yit.ee) is one of Estonia’s leading construction companies, founded in 1991. The company has been a part of the YIT Group, Finland’s biggest construction service company, since 2001, employing more than 25,000 people in subsidiaries in fourteen countries (Scandinavia, the Baltic States, Russia, Central Europe). The turnover of the YIT Group in 2008 was 61.6 billion kroons, of which 2.41 billion kroons came from the Baltic States.

For further information, please contact:

Priit Sauk, AS YIT Ehitus, Chairman of the Management Board

Telephone: + 372 6652 100, e-mail: priit.saukyit.ee