Citycon and the construction company Hausia have entered into a preliminary agreement for Citycon to sell 8,750 square meters of residential building rights within the Lippulaiva development project. According to the current city plan, these building rights will enable the construction of two towers (approximately 150 units) consisting of a twelve storey and an eight-storey residential complex on top of the Lippulaiva shopping centre. In total, the plan is to develop eight residential towers consisting of 550 new apartments that will be built on the site. The remaining six towers will be developed by Citycon with at least four towers being planned for rental units, thereby diversifying the income stream of the project.

Citycon is currently carrying out a comprehensive re-development project for Lippulaiva; the previously demolished shopping centre is currently being replaced with a vibrant urban hub which includes a new and modern shopping centre along with the residential towers and a metro station. The new Lippulaiva will have a total of 30,000 square metres of residential building space in addition to 44,000 square metres of commercial space housing approximately 100 different units including grocery stores, cafés, restaurants, services and office spaces. 

“The sale to Hausia supports our strategy to create mixed use urban hubs. We will accomplish this by developing a portion ourselves and selling a portion to third parties. This new Lippulaiva will also contain a stop on the metro line allowing people to live and shop with the convenience of enhanced transportation”, says Erik Lennhammar, Chief Development Officer at Citycon.