News Article Austria brownfield Czech Republic development investment Prague residential UBM Development
by Property Forum | Residential

A neglected plot of land in Prague 5 has now been newly acquired for billions of crowns by Austrian developer UBM. It plans to build 150 flats there. It wants to start building next year, but the project is still in the planning process. The developer has not disclosed the purchase price, the seller or the details of the construction, writes

The Austrian developer UBM plans to build a residential building with dozens of flats, a courtyard and shops on the site of the existing neglected parking lot in Prague 5. The Czech branch of the Austrian development group UBM Development Czechia has acquired the plot, adding a lucrative plot of land between the Anděl district of Prague and the Smíchov railway station to its Prague portfolio.

According to the daily, the developer plans to build 150 apartments on the site, including underground garages and several shops. However, the investor promises to respect the surrounding historical buildings. The developer's building plan is now in the planning process, which precedes the building permit. Josef Wiedermann, managing director of UBM Development Czechia, expects the total investment in the project to be in the order of billions of crowns.  Construction is currently scheduled to start in 2023 and the project is expected to be completed in 2025.