ARTICLES LABELLED WITH TAG Central Group

Residential builder Central Group has just completed the largest transaction on the housing market this year. It is buying more than five hectares of land near the Invalidovna metro station in Karlín in Prague 8, including the existing Čechia Hotel. 

The new design of Nový Žižkov Centre has revealed the most significant change of replacing the original design of 3 towers reaching a height of 100 metres with only one centrally located undulating tower. The investor of this project in Prague 3 is the Czech residential builder Central Group.

The average price of older flats in the Czech Republic fell by nine percent year-on-year to CZK 82,351 per sqm (€3,510 per sqm), which brought an overall increase in sales by two-thirds compared to the previous year. However, Prague has seen the fewest sales of older apartments in four years. According to ČTK and HN.cz, this is the result of a study by the real estate group European Housing Services (EHS), which uses data from its founding members, Bezrealitky and Maxima Reality.

The frozen Czech residential real estate market experienced a minor shake-up when developer Central Group put fifty new apartments on the market in Prague's Harfa at a big discount. According to the developer, they were sold out in a few hours. The price was CZK 100,000 (€4,250) per sqm, a quarter cheaper than is usual in the locality and a third cheaper than the Prague average, writes Hn.cz.

The latest data from Q1 2023 show a recovery of the new flats market in Prague. Quarter-on-quarter, sales increased by almost a fifth. The mortgage market, which has also seen a rally in recent months, but also the return of investors, will have an impact on further developments. Neither offer nor sale prices have changed significantly compared to the previous period. This is mainly due to persistently high construction costs, slow permitting of new construction and temporary postponement of some planned projects, according to the market analysis of development companies Trigema, Skanska and Central Group.

The area of former factories and industrial halls in Prague 9 will be transformed into a modern urban district. Skanska is now planning to invest more than CZK 1 billion (€41 million) in the Alfred apartment building there. The building, which is part of the second phase of the construction of the district of industrialist Emil Kolben, is expected to be completed in 2025, reports E15.cz.

One of the tallest buildings in Prague will disappear. The broadcasting tower of the Central Telecommunications Building (Ústřední telekomunikační budova) in Prague's Žižkov district will be demolished in January 2023, including the adjacent buildings. The demolition work is being prepared by the developer Central Group, which owns the entire technology complex in Olšanská Street and is now preparing a residential project there. The current design of the 100-metre towers with apartments by architect Eva Jiřičná has not yet been approved by the city, writes E15.cz.

Considering how Prague and its population will grow in the next few years, developer Central Group is planning schools and kindergartens. In its Nová Ruzyně project, it plans to build housing for more than 6,600 people and incorporate kindergartens directly into residential buildings. The developer plans to start construction within two years, writes the daily E15.

A complex of three Komerční banka office buildings with an area of more than 12,000 sqm has been bought by Central Group in Prague 9. These are non-residential premises that can serve as emergency facilities and space for NGOs assisting refugees in the current war situation in Ukraine. The developer informed about the offer of the complex on its website, along with information about stopping the sale of apartments to citizens of Russia and Belarus who do not reject the aggressive and barbaric actions of their countries towards Ukraine.

The largest new residential district in the Czech Republic, which will be built on a brownfield site, is starting construction in Prague 3 in Žižkov. It could house up to over 5,000 people. The planned investment is estimated at CZK 20 billion. According to the plans of the developer Central Group, the first inhabitants could move in as early as 2024. The entire Park District should be completed within ten years, the developer plans.