Real estate firm Ekospol has issued a press release according to which local developers are planning to build a total 20,756 apartments in Prague over the next few years. And that calculation only includes units with 50 or more apartments. If smaller projects are counted, the total number could be as much as double.
Architectural opinion seems divided over the winning Novomlýnská brána development project for a high-profile riverside site in part of Prague’s conservation area. The circumstances in which the final project won clearance from Prague City Hall has also raised alarm concerning conflicts of interest on a key decision-making body — and a seemingly flawed architectural competition paving the way for its approval.
The civic pressure group Fair Housing in Prague 10 says plans drawn up by the district council led by district mayor Milan Richter to sell off 44 residential villas are non-transparent, non-conceptual and unfair, and fears the tenants will be evicted. The properties are worth a total of around Kč 1 billion. Although city districts must inform the central administration of plans to transfer ownership of property valued above Kč 50 million, Prague 10 failed to do so.
The daily Hospodářské noviny (HN) reported Friday that former top manager of the Roads and Motorways directorate (ŘSD) Michal Hala, and former ŘSD lawyer Robert Wolf have been charged with corruption together with the agency’s former boss Laušman following their arrest last week in connection with renting out state-owned land plots at knockdown rates in return for kickbacks.
Experts agree that the financing terms for the construction of the multipurpose O2 Arena in Prague’s Libeň district were disastrous and ultimately led to the bankruptcy of the national lottery firm Sazka. Now the man behind the project, former Sazka boss Aleš Hušák, says he now wants to buy back the arena along with a winery belonging to Sazka. But where would he get the money?
Participation in construction of a Russian state-backed pharmaceutical plant in the Lipetsk region has opened the doors to new projects in Russia worth billions of crowns for the Czech construction firm Unistav. Although the company is refusing to reveal any details about the projects, according to the news server E15.cz Unistav has begun negotiating export credit from Czech banks.
Completed in time for the Ice Hockey World Championships in 2004, the 02 Arena (originally the Sazka Arena) multifunctional indoor sports and entertainment complex in Prague reportedly cost Kč 7.2 billion to build. The project proved to be the financial downfall of the lottery firm Sazka – and auditor Ernst & Young says now it’s worth just Kč 1.57 billion.
The City Development Authority Prague has launched an English-language version of a number of online applications, from the Prague Land-Use Plan and relation regulations to what it is calling the first municipal Geoportal in the Czech Republic.
Creditors of developer ECM who appealed against a bankruptcy declaration delivered by a municipal court have been backed by the High Court, which cancelled part of the original declaration and returned the case to the court for further proceedings.
Zurich-based PERE investment firm M&A Property Investors has formed a roughly €20 million JV with Prague-based Monlid Development to start a residential project in the outskirts of Prague, the company said.