News Article construction CPI Czech Republic Prague residential
by Vera Tumova | Residential

CPI Property Group plans to offer over two thousand new apartments on the Prague residential market this year. The developer wants to start the construction in three locations - Vysočany, Žižkov and Zahradní Městě, local daily E15 reports.

This year, CPI is also seeking a place in the limelight of the Prague real estate market. Not only is it planning large-scale construction on Prague's largest brownfields Bubny - Zátory. This year it also wants to start construction of three residential projects with a total of over two thousand flats. This is roughly one-fifth of all the flats that started to be built in Prague last year.

CPI plans to build its latest projects this year in Prague 9 - Vysočany, Prague 3 - Žižkov and Prague 10 - Zahradní Městě. The Kolbenova Park project in Vysočany will start selling this week. It should offer a total of 1,000 flats. By the end of the first half of the year, the construction and sale of another 1,000 flats in the tenth district of the city, Zahradní Město, is to start. The general contractor is being selected now. Two hundred flats from the Žižkovské zahrady project in Prague 3 should appear on the market at the end of the year.

CPI Group's extensive construction plans come on the heels of a series of smaller Prague projects in recent years. However, according to the group's spokesman Jakub Velen, it came about by chance. "It's a bit of a coincidence that our long-gestating projects have reached the final stage of preparation and we will start building them this year. This is definitely the biggest volume in the last few years," Jakub Velen, CPI Property Group's marketing director, summed up to E15.

Jakub Velen did not want to comment on the total investment for the construction of the projects due to the uncertain situation in the building materials market. "For the Kolbenova Park project, the tender has been completed and most of the items in the budget have already been contracted. However, for some commodities, such as steel, we are in open book mode (the final price will be agreed only according to the current price at the time of construction - ed.)," Velen explained. According to an estimate by E15, the total investment will be in the lower tens of billions.