CPI Group is preparing to start work on its first rental residential project in Prague. The developer is currently working on documentation. The reconstruction of a historical building at Pohořelec near Prague Castle should start in a year. The scheme includes 19 high-end apartments, which will be leased out on a long-term basis. Igor Klajmon, CPI’s development director, says the project could attract interest from diplomats and foreign business executives, who plan on staying in Prague for an extended period of time. The project, scheduled for completion in September 2016, is expected to cost the developer CZK 394m.
