YIT has received building use approval for the Rivi Bachova apartment building in Chodov, Prague. The project has been implemented in cooperation with the Rivi Housing Cooperative. New residents, who by joining the cooperative have acquired a cooperative share and the right to rent an apartment are moving in as early as December of this year.
The high-rise building with twelve above-ground and two underground floors was built on the site of a former boiler house in Prague 11. The Rivi Bachova project has 47 apartments with an area ranging from 33 to 91 sqm. Most units have balconies or terraces. Residents have at their disposal underground garages accessible by two car lifts, cellars and a carriage house.
The Rivi Bachova project is implemented in the form of cooperative housing, where the buyer deposits 20 to 25% of the total value of the apartment when purchasing the property and the rest is financed by the cooperative through a usually more favourable loan. "Cooperative housing represents an alternative to mortgage loans, which unfortunately a large part of those interested in buying a new apartment cannot afford in the current situation. The members of the cooperative can then transfer the unit to personal ownership after 3-5 years," explains Dana Bartoňová, director of YIT Stavo.
