HOCHTIEF Projektentwicklung has sold its residential project at Königinstrasse/Am Englischen Garten off-plan to a private Munich investor. The company is due to complete and hand over a turn-key town villa with a living area of around 3,200 m² by the end of 2013.
32 residential units with terrace, balcony or loggia will be erected on Königinstrasse, with an unobstructed view of the Englischer Garten. The rental apartments will have an area of up to 250 m². The building's villa style is the result of a high-caliber architectural competition staged by HOCHTIEF Projektentwicklung for quality assurance reasons.
Ralf Niggemann, Manager of the project developer's Bavaria Branch, says that the early sale of the project is a sign of great confidence in the Munich residential market.
"The fact that a premium segment property has not even been individually marketed, but has been quickly snapped up at this early stage by a private investor, is proof of the consistently high level of demand in the Munich residential market."
HOCHTIEF Projektentwicklung acquired the 1,900-m² construction lot in December 2010 from Munich-based MEAG MUNICH ERGO Asset Management.
Source: HOCHTIEF Solutions AG