Amagvik Narrows Its Footprint as Eastern Switzerland’s Rental Market Firms

Amagvik has whittled its real estate holdings down to just two active development projects following a pair of disposals over the past twelve months. The small Swiss developer offloaded a property in Wängi during the second half of 2024 for 385,000 Swiss francs, then sold its Dussnang-Oberwangen project in the first quarter of 2025 at a profit — though the company did not disclose the exact gain. Those moves leave the firm focused entirely on two residential schemes in Amriswil and Romanshorn.

The Amriswil project, originally conceived with 42 apartments, has expanded to 50 residential units plus six commercial spaces on the ground floor. Planning discussions with the local municipality ran through 2024. In Romanshorn, building permits are already in hand for a pair of multi-family houses, each containing three apartments, sharing an underground garage with twelve parking spots. Both developments target Minergie or SNBS sustainability standards, positioning Amagvik in the energy-efficient new-build segment where demand remains resilient — provided the necessary financing can be secured.

On the governance front, the extraordinary general meeting held this spring resolved the leadership uncertainty that had hung over the company. Shareholders representing 90.77 percent of outstanding voting rights approved the board’s proposals by a wide margin. Joelkis Rosario was elected chairman of the board of directors, and Hero M. Eden joined as a new member; Rosario also took a seat on the remuneration committee. The vote cleared the air but, as the company acknowledges, doesn’t generate revenue by itself.

Should investors sell immediately? Or is it worth buying Amagvik?

The broader market backdrop plays in Amagvik’s favour. According to property consultancy Wüest Partner, most new rental apartments coming to market in 2025 originate from building permits issued in 2022 and 2023, while current new-build activity lags behind demand. In the key canton of St. Gallen, the vacancy rate has edged down again, driven entirely by a shortage of rental stock. That scarcity underpins Amagvik’s stated “build-and-hold” strategy, which aims to generate steady rental income rather than flipping projects. Yet the viability of that approach rests on the pace at which the two remaining schemes can be completed.

The company’s slender market capitalisation of roughly 26 million euros underlines its micro-cap status. Listed on the BX Swiss, Amagvik reports under Swiss GAAP FER and uses Wüest Partner as its independent property appraiser. The 2025 annual results were published on 6 May, though no detailed financial figures were released in the ad-hoc announcement. Investors will get the next hard look at the books when the half-year report lands at the end of September 2026 — by then, the impact of the portfolio sales on the balance sheet and the execution progress in Amriswil and Romanshorn should be much clearer.

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