MONUM: Nearly 40% of Promenade Houses Apartments in Riga Reserved

Latvian construction company MONUM, which has worked as a general contractor for more than twenty years, is carrying out its first residential project in Riga as developer, client and builder at the same time. By August, almost 40% of the 160 apartments in the Promenade Houses complex near the Daugava promenade had been reserved, a company representative told the business daily Dienas Bizness. In September the project won an award in the apartment and apartment building category of the international competition Sustainability in Architecture, Construction and Design 2026.

Promenade Houses

Two seven-storey buildings will contain 160 apartments with balconies or terraces, full interior finishing and landscaped grounds. Construction began in March 2026, and the buildings are scheduled to be commissioned in the third quarter of 2027. While the homes are unfinished, it is more accurate to speak of reserved rather than sold apartments. To reduce buyers' uncertainty, the company shows finishing samples at its sales office, discusses layouts and provides regular updates on construction progress.

The developer role and the market

The company says being a developer allows faster decisions but also brings broader risk: land purchase, financing, interest rates and market fluctuations. The interviewee describes Riga's new-apartment market as neither stagnant nor overheated; buyers have become more demanding, and a good layout is often worth more than extra square metres. In the company's view, a business plan cannot rest only on hopes that wages will rise and interest rates will fall.

Projects outside Riga and infrastructure

MONUM has built two nearly-zero-energy buildings with 120 apartments in Valmiera, a 60-apartment building in Bauska and a 30-apartment building in Smiltene, aimed at keeping rents affordable in the long term. Its portfolio also includes the reconstruction of the Talsi wastewater treatment plant, a capacity expansion of the Ādaži treatment plant and schools, including the Sigulda and Ogre state gymnasiums and Ādaži primary school. On bureaucracy, the company wants information to be submitted to the state only once, with systems exchanging data among themselves.