Hungarian property company Ablon has purchased a 5,290 m[sup]2[/sup] plot of land in the centre of Warsaw for an undisclosed sum. The company said it plans to build up to 13 floors of residential space at the site, occupying 17,000 m[sup]2[/sup] for a total development cost of EUR 40 mln. Construction at the site will commence in the third quarter of 2008 and is expected to last two years. Total revenues from the project are estimated at between EUR 70 mln and EUR 85 mln.
Hungarian property company Ablon has purchased a 5,290 m2 plot of land in the centre of Warsaw for an undisclosed sum. The company said it plans to build up to 13 floors of residential space at the site, occupying 17,000 m2 for a total development cost of EUR 40 mln. Construction at the site will commence in the third quarter of 2008 and is expected to last two years. Total revenues from the project are estimated at between EUR 70 mln and EUR 85 mln.
The site is located in one of the most exclusive and highly sought after locations in central Warsaw, and is within walking distance of main offices, transport networks and the capital's key commercial and cultural centres.
Uri Heller, chief executive of Ablon, commented: 'We are delighted to have secured a deal for our first development in Poland and are confident that this new development in Warsaw will add substantial value to our portfolio. Warsaw is one of Central Europe’s most dynamic real estate markets, with some of the highest per square metre real estate prices in the region.' He added that the company would continue to look at other selective opportunities in Central Europe in the office, residential and other sub-segments.
