RIGA/TALLINN, May 19 (LETA) - Invego Vitolu Parks SIA, part of the Estonian real estate development group Invego, has signed a EUR 51.9 million construction contract with Latvian company Pillar Contractor SIA for the development of the Vitolu Parks residential area in the Sarkandaugava district of Riga, LETA was told at Invego.

Construction work in the project are due to start in the next coming weeks.

The agreement covers the construction of all eight buildings planned for the residential complex, with the first stage involving two buildings set to begin in the coming weeks. The Vitolu Parks project will include a total of 363 apartments with a total above-ground gross area of 32,157 square meters. Pillar Contractor SIA is one of Latvia's leading and most reputable construction and design firms.

Invego Latvia OÜ holds a 100 percent stake in Invego Latvia SIA, which in turn owns 20 percent of Invego Vitolu Parks Holding SIA -- the sole owner of Invego Vitolu Parks SIA, the company that signed the construction contract.

The Vitolu Parks project is being developed by Invego SIA, a wholly owned subsidiary of Invego Latvia SIA, which is fully owned by Invego Latvia OÜ.

The design of the Vitolu Parks project has been developed by Ruume Arhitekti.

Invego Group includes over 30 companies in Estonia, Latvia and Portugal, and it has a total of nearly 30 different development projects in progress. Over the years, Invego has developed more than 150,000 square meters and has another 450,000 square meters of residential and commercial real estate in the works.