Press releases

Fira offers a new way to bid for apartment building plots

How does a prime plot for an apartment building sold at a price determined by the people who wish to live in it sound? Construction company Fira is using an auction to look for people to participate in a co-building project. 

Fira, a company working to shake up the construction industry, is putting up an internet auction to find participants for a co-building project. For the first time, private individuals can bid on a share in a plot and an apartment in the building to be constructed on it. Fira’s auction is now open and an apartment building plot in Tapiola, Espoo that the city is selling through an open call for bids is the pilot venture.

”As far as we know, acquiring a plot for an apartment building hasn’t been done in this manner before in Finland. Fira’s web platform offers potential customers more information on the apartments on offer and potential building expenses, as well as an opportunity to place a bid on a share of the plot. Anyone can participate,” says Mikael Långström, who is responsible for Fira’s digital services.

Fira is looking for a group investors interested in co-building to place a joint bid on the plot offered by the City of Espoo. The group, managed by Fira, will consist of the highest bidders in Fira’s auction.

Co-building in Tapiola
Tapiola is a vibrant part of Espoo and one of the most important areas in the capital region

The price of each apartment consists of the price ceiling for construction expenses, as defined by Fira, and the bid submitted for a share of the plot by each of the individuals who ended up winning Fira’s auction. For the sale of an apartment to take place at the defined price, the group must make the city an offer and win the open auction for the plot. Only then will the construction project become a reality.

”We want to make the construction industry better. Co-building has been around for a hundred years, but has fallen by the wayside. We want to revive the practice. In co-building, the people buying the apartments are the ones who develop the property. They can have an impact on all decisions made concerning their apartments from day one. The auction allows everyone to define what kind of investment they are comfortable making in the plot and their future home. This way of doing things gives power back to the inhabitants,” Långström says.

Fira is providing the co-building project as a service, which means that it takes responsibility for the project: defining the group of investors, based on the auction results, submitting the bid on the plot to the city, as well as designing and constructing the building.

The bid to the city must be submitted by 16.11. Fira’s auction opens 26.10. and closes 9.11. Fira will choose the potential co-building participants by 14.11.

For more information, check out the site or contact:
Mikael Långström
Platform Developer
Fira
Telephone: 050 352 9066
Email: mikael.langstrom@fira.fi

Futurice is proud to help Fira build a community for co-building projects at www.ryhmarakentaminen.fi and develop new ways to build cities in Tapiola and Jätkäsaari.

Fira
Fira believes that people are the only possible starting point for the act of building. Construction is a service where buildings are first and foremost designed to suit their purpose. Fira serves its customers by helping people participate in the construction process, implementing new operating practices and developing itself as well as observing the world on a continuous basis. At the same time Fira builds smarter: more cost-efficiently and in a more predictable manner, all the while serving the project’s true purpose.