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1.3 m eur for Palanga retreat house 'Zunda' reconstruction


It is planned to reverse the retreat house that was owned by Silute's college and then bought for 1.3 m euros. The retreat house will become a residential building with 76 apartments.

The financing of the building, acquired by UAB 'Elveda', will be secured by the crowdfunding platform 'Profitus'. 980 thousand euros are already raised in the first stage of the project. The whole project requires 1.3 m euros. According to UAB 'Elveda' partners V. Cepas and J. Smaliukas, their company's project will be crowdfunded for the first time, crowdfunding was chosen due to the best conditions. They requested a few different credit companies to finance the project.

In the ex-retreat house, it is planned to construct 76 studio-type apartments, each will have an area from 17 up to 35 sq. m. Construction is expected to last 6-9 months. When apartments will be partly and fully finished, they will go on sale. Some of the apartments are already reserved, 13 contracts for reservations were signed, and the value of reserved apartments is 746 800 euros.

For 'Profitus' - it is already the 10th project financed on Lithuania's seaside. 'Demand for investments in RE is growing in both major cities and coastal cities. In 2021, we aim to finance more than 190 projects and crowdfund over 26 m euros. If such tendencies, that are right now, stay, we believe, we will reach our goal' - claims Profitus' chief risk officer, Tomas Paliulis. 

Read more 15min.lt.


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