Rezidence Jubileum in Prague given green light - construction to start May 2009 (CZ)

Development management company DavCor announces that it is entering into the final stages of preparation for the start of construction on Rezidence Jubileum, a 100-apartment residential complex on Komunardo street in Prague 7, Holesovice, the Czech Republic. The planning permit has been approved, and start of construction is scheduled for May 2009. The first apartments will be ready for move-in August, 2010. 75% of the first selling phase has already been sold and the next selling phase should be released before the spring. Investment into the project is estimated at €19 million.

Rezidence Jubileum in Prague

Rezidence Jubileum will have 100 apartments.

Rezidence Jubileum has been designed specifically for professional couples and young families who want to live in the center of Prague though don't want to pay excessive prices for space in the historical heart of the city. Price per m2 at Rezidence Jubilieum starts from CZK 55,000, making this development one of the most affordable in Prague for those looking to get on the property ladder. The vast majority of flats in Jublieum are 1kk, 2kk and 3kk, with only a handful of penthouse 4kk's on offer. Additional incentive for first time buyers is that kitchens are included in the equipment of the apartment and can therefore be included in mortgage. This reduces the time consuming and potentially costly process of personally fitting a kitchen, as well as allowing future homeowners to share in the cost savings that a developer can receive for large-scale orders. The architects of the project are Petr Franta Architekti & Asoc.

"Our commitment to starting construction on Rezidence Jubileum shows confidence in the recovery of the market in 2010," states David Werry, CEO DavCor.

He continues, "We believe that even in hard times young professionals should have the opportunity to get their feet on the property ladder. Our Rezidence Jubileum project is doing exactly this. Home-buying should be exciting. Prague 7 is a fun and vibrant place to live. Our project is directly on tram lines to the centre, provides an affordable means to enjoy life in one of the up and coming districts of downtown Prague."

Greenwheels & Green Roof programme
Coinciding with this announcement, DavCor is also pleased to announce expansion of its existing Greenwheels & Green Roof programme. In July of this year, DavCor unveiled plans to support the growth of cycling as a preferred means of inner-city transportation. Its promise is to include a bike and safety equipment with every apartment sold, and DavCor will offer this same initiative in Rezidence Jubileum. The company has also been in talks with the Prague 7 municipality to agree an action plan on further development of the biking culture in the area, both amongst schoolchildren and adults, and construction of cycle paths nearby DavCor's projects. These initiatives, DavCor's CEO commented, are an integral part of the company's operational philosophy, and will be developed in tandem with each new project.

Rezidence Jubileum will also include an additional 'green' feature: Green Roofs. Green roofs bring a number of advantages to both project and local envi

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