News Article Bratislava Cresco RE Residential Slovakia
by Property Forum | Residential

The Bratislava residential quarter developed by Cresco Real Estate has grown by 379 approved apartments and suites in the Slnečnice POP project. The westernmost part of Slnečnice, which is adjacent to the completed Petržalska tramway, has received the approval decision after 21 months.

Residents will start moving in the next few weeks, 85% of the apartments already have their owners. Slnečnice POP offers a total of 379 apartments and suites, consisting of 89 one-room, 13 one-and-a-half-room, 170 two-room, 89 three-room, 14 four-room and 4 five-room apartments. The price level ranges from €141,130 for a one-room apartment to €607,090 for a five-room apartment.

The construction of the Slnečnice POP project itself took 35 months, and despite the pandemic years and fluctuations in the prices of building materials, it was completed according to plan. The slippage in the project occurred only during the approval process. "The delays in approval processes were caused by the inaction of the relevant authorities, as well as by the Association of Home Municipalities, which purposefully appealed in the last step of approval so that the whole process would drag on for several more months. The content of the appeal was not even related to our construction," says Ján Krnáč, executive director of Cresco RE. The impossibility of handing over the apartments to their new residents, and the costs of managing the completed apartments together with interest payments have financial consequences for the developer. The extent of financial damage due to the purposeful appeal and delays in the proceedings was calculated by Cresco at more than €1 million.

Zóna Slnečnice is approximately halfway through its total construction, currently approximately 6,000 residents live in this residential district of Bratislava.