“Daermax investments”, a real estate investment company operating under the AJUS GROUP brand, bought the Lithuanian Railways (LTG) recreation center by the Baltic Sea, in Giruliai, for 3.85 million euros, and is planning to build a luxury residential quarter in a year, investing about 5 million euros.

The company’s representative Ignas Jomantas told BNS that they have big plans for Giruliai – they plan to develop the area of 2.5 ha with 29 buildings into one of the most luxurious and best quarters in Klaipeda.

“Giruliai is already the most expensive place in the port city, where one are of land costs 30-40 thousand euros, and one sq. meter costs about 3-4 thousand euros. One square meter of the buildings we have purchased costs about a thousand euros, and after the reconstruction we plan to sell them from 2.8 to 3.5 thousand euros per sq. meter,” he said.

According to I. Jomantas, part of the current buildings will be demolished, part will be reconstructed or rebuilt.

“We are talking about a normal residential quarter with a very mixed area: residential houses, cottages, four new apartment buildings. We bought a total of 3.5 thousand sq. meters, and we will develop it up to 9 thousand sq. meters – as much as construction is allowed in that area,” said I. Jomantas.

According to the founder of AJUS GROUP, the project will be implemented immediately after signing the purchase agreement.

“We have already made pre-design proposals, in reality, after the acquisition, after the notarial contract, we would immediately start cosmetic repairs, which are allowed without a construction permit, we would perform infrastructure works and design at the same time. In 4-5 months, we plan to start the construction of new houses,” said the businessman.

“We plan to develop the territory within a year – very soon. As long as the market is still good, everything needs to be done in one go,” I. Jomantas added.

Daiva Pivoriuniene, Head of Property Management Services at LTG, previously told BNS that it is a typical recreation center that large organizations used to have: two larger hotel-type buildings, small wooden houses scattered between sports grounds in the landscaped park, which could accommodate about 100 people at a time.

At this week’s auction, the recreation center with 29 buildings and sites was sold for an initial 2.5-million-euro price. Buildings with a total area of almost 3.5 thousand sq. meters stand on 2.49 ha of recreational plots rented by the National Land Services on Turistu and Palanga streets in Klaipėda.

According to the Center of Registers, “Daermax investments” is owned by Vitalijus Urbanovicius (51%) and “Gabana”, a company owned by a natural person (49%).