ORCO PROPERTY GROUP | Media
Media
Two thirds of new residential project Citadela sold out
Prague, June 17, 2008 -- Orco Property Group, a leading investor, developer and asset manager in the Central European real estate and hospitality market, is pleased to announce that 63 % of all units in its residential project, Citadela, in Prague 4 were sold shortly after the launch of sale in April, an entire year before completion, which is planned for summer 2009. The average price is approximately EUR 2100/sqm. Citadela construction is already well underway– led by contractors Prumstav, a.s. – with strong financing for project the supplied by Komerční Banka, a.s.
“The success of Citadela and the fact that we have managed to sell 63 % of all units within a short period of time is proof that Orco’s sales strategies continue to entice customer’s away from our competitors due to our dedication to great service, practical design, and diligence in acquiring the right land and projects. In addition to our strategy, we have tailored our products of late to meet the need of the citizens’ of Prague and not for the overseas individual property investors which leads me to increased confidence in the public’s spending power and their ability to make a discerning decision with the right developer.” said Jason Cahill, Sales and Marketing Director of Orco Property Group
Citadela is a unique housing scheme reflecting current dynamic lifestyle and representing European residential standard of a large city. There will be 100 apartments ranging from 1+kk to 4+kk of between 36 – 90 sqm. More than 40 % of all the units were sold within the first week of sale with 63 % of total number until now. Each apartment comes with a balcony, terrace or front garden depending on its position. Parking places and cellars are situated in two underground floors. State-of-the-art architectural solutions of interiors and common areas, high-quality materials and up-to-date service facilities will provide future inhabitants with ideal living conditions and ensure high future value of the investment.
In spite of the global situation and share price decrease affecting the real estate sector, the CEE residential market is stable in the long term perspective. Demand for standard as well as luxury apartments is increasing, resulting in success of the Orco’s residential projects in the whole region.
Citadela is situated in an attractive residential area Nové Dvory in Prague 4 close to Kunratice Forest and a local lake and therefore perfectly meets the requirements for living by the centre and, at the same time, surrounded by nature. It is one of the most-sought-after areas in the whole capital offering a wide range of sports and leisure opportunities.
For additional information please visit: www.orcogroup.com , www.vaci1.hu
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Orco Property Group is a leading investor, developer and asset manager in the Central European real estate and hospitality market, currently managing assets of approximately EUR 2, 5 billion. Operating in Central Europe since 1991, Orco Property Group is a public company, based in Luxembourg, and listed on the NYSE Euronext, Prague, Warsaw and Budapest Stock Exchanges. Orco Property Group operates in a number of countries including, mainly, the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Orco Property Group is continually analysing investment into new territories.
Orco Property Group is also sponsor of The Endurance Real Estate Fund, a Luxembourg–regulated closed–end mutual fund (fonds commun de placement - fonds d'investissement spécialisé) organised as an umbrella fund with six sub-funds focused on real estate acquisitions on office and retail, residential, industrial & logistic, and Health Care markets.
Contact persons:
Séverine
Farjon
Tel:
+33 1 40 67 67 00
E-mail:
sfarjon@orcogroup.com
City:
Paris
Luc
Leroi
Tel:
+ 352 26 47 67 47
E-mail:
lleroi@orcogroup.com
City:
Luxembourg
Aleš
Vobruba
Tel:
+42 02 21 416 311
E-mail:
avobruba@orcogroup.com
City:
Prague