Debowe Tarasy (Phase III): IMMOFINANZ Group realizes first own residential development project in Poland (PL)

IMMOFINANZ Group officially started construction on the Debowe Tarasy Residential Estate (Phase III) in Katowice on Wednesday, with a well-attended cornerstone laying ceremony that also included Piotr Uszok, Mayor of Katowice, as honorable guest.

Immofinanz_Debowe Tarasy

Debowe Tarasy III will be built and managed by BUWOG International.

Development activities will be carried out by BUWOG International, a subsidiary of IMMOFINANZ Group, specialized on residential development projects. Completion is scheduled in 2013. The total investment amounts to €21.7 million.

"The success of Debowe Tarasy Phase I and II combined with the rising demand for up market middle class apartments encouraged us to further extend our prestigious project and to enter the Polish residential market as a developer", commented Daniel Riedl, Member of the Executive Board of IMMOFINANZ Group.

"The starting conditions for Debowe Tarasy III are perfect: In December 2011 we fully acquired the remaining 30% stake from our former joint venture partner TriGranit. We have a valid building permit, the financing is secured and we completed the pre-sales phase with reservations for more than 20% of the planned space", explained Riedl.

"Debowe Tarasy III will be built and managed by BUWOG International, which is part of UWOG Group and has more than 60 years of experience in the design, development, construction, use and management of residential properties. Debowe Tarasy III will substantially benefit from this know-how", added Riedl.

Successful pre-sales prove attractiveness
The market has been looking forward to the extension of the Debowe Tarasy residential estate due to the sustained demand for apartments in central locations in Katowice. "The estate is perfectly situated close to the city centre, has very good access to its infrastructure, the main traffic arteries and, importantly, is located in close proximity to the Silesia Park, the largest urban park in Europe, as well as the multifunctional shopping and entertainment hot spot of the region – Silesia City Center", said Janusz Olesinski, Project Manager of Debowe Tarasy.

In the third phase of the project the developer will deliver 317 comfortable and functional apartments in three buildings: one with 11 stories and two with five stories each. Future residents can choose from one- to four-room apartments with areas ranging from 27 up to 110 m².

High quality standards and big-city elegance
Just like the two earlier phases of the project, the buildings will be equipped with spacious terraces, gardens or balconies, an underground parking garage, lifts and storage rooms. Video surveillance will monitor access to the estate, which will only be possible with a remote control or an access card.

"The design of the Debowe Tarasy alludes to modern, big-city elegance while its distinguishing feature is the cascade architecture, which provides residents with very good access to sunlight and an excellent view over the city. The buildings also have a number of natural, warm and cool elements of finishing", described Jacek Kus from STABIL studio, architect o

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