Real estate developer Invego is developing a large-scale, multi-phase residential district in Riga called Nordale, with the first phase involving a total investment of nearly €38 million (€31.4 million plus VAT) for the construction of 159 homes and commercial premises. The project is being developed by Invego Movie 1 SIA, which is wholly owned by Invego Studio SIA. Of the latter, 30% is owned by Invego Latvia SIA, a wholly owned subsidiary of Invego Latvia OÜ, while the remaining 70% is owned by other investors in the development project.
Nordale is among the most ambitious residential development projects in Riga in recent years, transforming a multi-hectare area of the Bikernieki forest in the Mežciems district and the historic Riga Film Studio area into a modern urban space. The development will be completed in phases, and each phase will have its own architectural identity, created by various international teams of architects, whose vision will create a diverse and vibrant community.
The first phase of Nordale spans 19,500 square meters and will include 159 apartments along with approximately 10% commercial space. The architectural concept has been developed by Latvia’s leading architects at SIA Zenico Projekts. The phase will feature two- to five-room apartments of various sizes, with prices starting from €99,900.
Invego Group is a next-generation real estate developer operating in three countries, specializing in large-scale residential districts and commercial quarters with comprehensive, future-focused urban concepts. With over 10 years of experience, the group includes more than 60 companies across Estonia, Latvia, and Portugal, managing 30 active development projects. To date, Invego has developed over 150,000 m² of residential space (1,500 homes) and 50,000 m² of commercial property. Additionally, more than 500,000 m² of new development is currently underway in both residential and commercial segments.