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REAL ESTATE
SPECIAL SECTION
October 16 - 22, 2003
A new marketplace of ideas
Smichov opens library where vendors once sold groceries
Ready for the takeoff
Developers have big plans for Prague 13
One broken law
Critics say the country's method of limiting environmental impact is full of holes
Bribe busting
Proposals to clean up and speed up
land-registry process get mixed reviews
Neighbors claim Grobovka grab
Civic association says community will be shut out of villa use
Farewell to the humble chata?
Spain, Croatia becoming more affordable for affluent buyers
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RE BRIEFS
SOLD • Orco Property Group was the successful bidder in a tender for builder IPB Real, held this year by the Czech Consolidation Agency. Orco beat out three other companies in early October, with a bid of 417 million Kc ($15.4 million). It will also take over claims against IPB Real, which amount to almost 200 million Kc. IPB Real is one of the largest builders of flats in the country, with 974 million Kc in sales last year. Orco, one of the largest developers in Prague 2, has specialized in residential and long-term hotel projects. Recent developments include the Luxembourg Plaza office building in Zizkov and Americka Park apartments in Vinohrady.
COURT • Work began in late August on a new courthouse at Na Micankach in Prague 10. The courthouse will accommodate offices for staff and prosecutors in Prague districts 4, 8, 9 and 10. The 2 billion Kc project is to be completed in 2006. A consortium of Skanska and Metrostav is the builder, and architectural firm Helika designed the courthouse.
SLASHED • The federal Housing Development Fund will receive about 3.3 billion Kc next year, down from 8.7 billion Kc this year, according to Petr Dimun, spokesman for the Regional Development Ministry, which administers the fund. The cut, which Parliament still must approve, is part of the government's finance-reform plan. The fund is also reducing direct subsidies for housing construction.
CHEAPER • The real estate transfer tax is set to fall from 5 to 3 percent of the purchase price under an amendment the Chamber of Deputies approved in late September. The Senate still must approve the measure and the president must sign it. Factoring in other changes in the costs of real estate transfers, the state will lose a net of 2 billion Kc, according to Miroslav Svoboda, a Social Democratic member of Parliament.
APPROVED • The City of Pardubice will sell almost 6 hectares (15 acres) of land to Kayaba Industry, a Japanese firm that wants to build a factory to make shock absorbers. The price of the land is about 27.5 million Kc, according to Deputy Mayor Michal Kolacek. Plans call for the plant to open in January 2005. Initially it will employ about 100 people.
TALL • Reconstruction work began in late September on a skyscraper in Zlin, south Moravia, that once served as the Bata shoe company headquarters. The 78-meter (257-foot) building will be converted into regional government and tax offices. The 600 million Kc project is being done by Zlinstav construction company.
DEBTS • Three companies are vying to take over debts of builder PSJ Holding that the Czech Consolidation Agency now controls. The claims amounted to 544 million Kc at the beginning of August, according to the agency. The debts were transferred to the agency from Ceska sporitelna bank. The tender is part of a government program designed to help indebted companies to restructure. In May PSJ Holding started the reconstruction of the Czech National Building in New York. Assessment of the bids began in late September.
CONFERENCES • The real estate conference season is in full swing. Shortly after the CEDEM gathering, held in Prague in early September, and Expo Real, which took place in Munich in early October, Prague will host a seminar titled "Real Estate Market," focusing on tax and legal issues, Oct. 16 at the Carlo IV Boscolo Hotel at Senovazne nam. 13. Then the Lexxus agency, along with Ceska sporitelna and Deloitte & Touche, will host its annual "Strictly Residential" forum Oct. 21 at the Hotel InterContinental, nam. Curieovych 5. Farther afield, the ninth annual MAPIC conference, focusing on shopping center development, will take place in Cannes, France, Nov. 19-21.
COMPETITION • A German real estate investment fund manager has launched a competition to recognize vibrant urban quarters in large cities and towns across Europe. Deutsche Immobilien Fonds AG will give a total of 30,000 euros ($35,000/954,000 Kc) to the best examples of urban planning that develop a quarter to its social and economic potential. Submissions must be already existing and not planned. The deadline is Dec. 31, and the winners will be announced at next year's Expo Real conference, to be held in October in Munich. Competition information is available at www.difa.de.
NIXED • Officials in Karlovy Vary (Carlsbad) have stopped the sale of an apartment house to a Russian-controlled firm for 1.7 million Kc after the deal was widely criticized for offering too low a price. The house sits on a 200-hectare plot that critics say would be worth several million crowns alone. But supporters of the deal point out that only two firms bid for the building, and the winning firm offered a solid business plan.
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