On 28 December 2023, Grounds Real Estate Development AG (The Grounds) cancelled the contract for the sale of the Terra Homes project in Erkner that was concluded on 18 March 2022. The project, with a sales volume of €18.5m, comprises the construction of 17 semi-detached houses, equivalent to 34 halves of semi-detached houses, in Erkner-Hohenbinde in the neighbourhood of the Tesla factory in Grunheide.
The contract was cancelled by mutual agreement at the buyer’s request. An integral part of the agreement is a compensation payment of €5.55m to The Grounds. Project implementation continues unchanged and on schedule by The Grounds.
Jacopo Mingazzini, Management Board of The Grounds, said: “Cancellation of the purchase contract at the buyer’s request has no impact on further progress of the project, which is being continued by The Grounds as planned. We have currently already reached a construction status of 48 per cent and an award status of 90 per cent. The first houses are expected to be ready for occupancy in summer 2024. Renewed marketing of the project will begin on 8 January 2024. Due to the attractive location and strong demand for residential units in the neighbourhood of the Tesla factory, we anticipate lively interest from potential buyers and expect notarization to take place in the second quarter of 2024 at the latest.”
