The cornerstone of the second phase of the Marienholm residential development was laid yesterday, 14 October, in Haapsalu. Scandium Kinnisvara is developing 25 seaside apartments and a new park area as part of the project. With an investment of €8 million, the development continues the transformation of a former industrial site into a comprehensive waterfront residential community. The building is scheduled for completion in summer 2027.
Marienholm II marks the next step in the comprehensive development of the Haapsalu peninsula. The first phase, completed in summer 2025, consists of five residential buildings and 50 apartments, almost all of which have now been sold. In the second phase, 35% of the apartments have already found buyers, confirming continued strong interest in the area and waterfront homes.
The cornerstone of the new phase of Lääne County’s largest real estate development was laid by Haapsalu Mayor Olavi Seisonen, Scandium Kinnisvara Management Board Member Kalle Aron, and Grand Ehitus CEO Aare Saliste.
“The success of Marienholm’s first phase demonstrates that people value a well-designed living environment where architecture, nature and everyday convenience complement one another. Located just an hour from Tallinn, Haapsalu is an attractive destination for both permanent homes and holiday residences, offering an escape from the bustle of the capital and a higher quality of life. The strong sales results so far give us confidence to continue developing the entire peninsula, and the second phase represents an important milestone in this journey,” said Kalle Aron, Member of the Management Board of Scandium Kinnisvara.
Architecture Inspired by the Waterfront Location
Designed by BOA Architects, the building is characterised by textured white concrete and terraces with softly rounded edges. The interior design concept for the apartments has been created by Hanna Karits. The selection of homes ranges from studio apartments to spacious penthouses.
Every apartment features a glazed summer room, extending the usability of outdoor spaces and allowing residents to enjoy the coastal surroundings even in cooler weather. The residential floors begin on the second level, while the parking area is concealed behind a landscaped green dune that integrates the building into its natural surroundings.
Construction of the second phase began in July this year, with Grand Ehitus OÜ serving as the main contractor. The cornerstone ceremony marks an important milestone on the path towards the building’s completion.
Transforming a Former Industrial Site into a New Residential Community
Marienholm is located on a peninsula beside Suur Viik Bay in Haapsalu, surrounded by approximately 2.2 kilometres of coastline.
The development is transforming a formerly industrial area into an accessible and attractive waterfront destination, introducing new homes, recreational areas, a marina, a restaurant and a spa hotel to Haapsalu.
Once the entire development is completed, Marienholm will represent an investment of approximately €80 million in creating a modern waterfront living environment.
An Award-Winning Development
Marienholm has already received several prestigious awards, including the Hans Alver Architecture Award, the international Luxury Lifestyle Award for Best Luxury Urban Regeneration Development, and the Lääne County Most Ambitious Project of 2025 Award.
Photos: Marleen Moskalenko
Scandium Kinnisvara AS is a leading Estonian real estate developer specialising in the creation of comprehensive residential communities. The company is one of the founding members of the Green Tiger (Rohetiiger) initiative. Scandium’s major current developments include the Marienholm peninsula development in Haapsalu, Marati Kvartal in Kopli, Tallinn, and Bellevue in Pärnu’s coastal district.
