Estonia to get a billion-kroon golf club and housing estate

04.02.2010, 16:11

Spanish businessman Javier Ortiz de Artiñanol who is CEO of FTr Consultants and founder of Risti Klubi plans to invest about a billion kroons on developing a golf club and a housing estate in Risti in Läänemaa county. The construction works are scheduled to start this summer.

Artiñano who has been active in the Estonian real estate business since 2004 said he started to developed the golf club project in 2006.

"Golf is not yet very popular in Estonia, but its popularity is growing similarly with Scandinavia. For instance, Finland has 20 golf clubs per a million residents, Sweden has 50 clubs. I think Estonia has five clubs at present so there is definitely room," he said.
According to Artiñano, Risti Golf Club will be more than just a golf club. "We will offer also other activities like billiards, squash, tennis, rowing, horseback riding and swimming. There will be restaurants in the club. Estonians love sports and I am very optimistic about this project," he added.
The 162-hectare area will include residential buildings. "We will develop one-family houses, row houses and apartments for about 750 people. Sales price will be relatively cheap, about 2 million kroons. We will not be able to sell them for 7 million, but Estonians will buy if the price is good."
Speaking of problems in Otepää and Saaremaa golf clubs, Artiñano said that they focus too much on golf. "They don't have enough club members, this is a problem. But we will not depend only on golf and this will be our advantage."
"Our target group is not business elite, but young families, medical doctors, lawyers, engineers, etc.," said the businessman, adding that the objective is to sign up 1,500 club members. 50% of them would be living in the housing estate since anyone who buys housing in the estate would automatically become golf club member.
The Spaniard said that he hoped to start construction works this summer. The whole project would take about five years to complete. He adds that the project has backing from investors and there are no plans to take a loan for the development.

By Toomas Hõbemägi