The property developer Penta Real Estate plans to complete 600 flats in four Prague residential projects this year. These will include Victoria Palace on Vítězné náměstí and Rezidenci Juliska in Prague 6, the first phase of Nuselský pivovar in Prague 4 and the first apartment buildings on Nová Waltrovka in Prague 5. Representatives of Penta Real Estate announced. The group also announced that it will rebuild the post office building in Hybernská Street for approximately half a billion crowns.
According to Penta Real Estate sales manager Jan Kalas, the selling prices of the apartments will vary between the completed projects. However, they will be above the Prague average between CZK 140,000 and CZK 160,000 per square metre. “Most of our projects, both residential and commercial, are in the premium property category. The Victoria Palace project offers apartments for a very demanding clientele with a price level of around 225,000 per square metre. On the other hand, in Rezidence Juliska or in Nuselský pivovar you can find apartments at significantly more affordable prices,” added Kalaš. Due to inflation, falling mortgage rates and the market recovery, however, prices should still increase slightly during the year, he said.
New flats should start to be built this year in the historical part of Nuselský pivovar and in the next stage of Nová Waltrovka. In the latter project, new apartments for rent will also be built.
This year, Penta will focus its attention on Hybernská Street near Masaryk Station. First, it plans to open a hotel there, The Cloud One, a branch of which Motel One has already opened in Na Poříčí Street in Florentin, which Penta owns. Today the group also announced that it will start rebuilding the old post office building on the corner with Opletalova Street for approximately CZK 500 million. A new building with a gross floor area of 7,300 sqm will be constructed on a plot of about 1,600 sqm. New commercial space will be built there and office or co-working space is planned on the upper floors. It should be a continuation of the general reconstruction of the Masaryk Railway Station that has just started, including the platform above the railway track.
In addition to the area around Masaryk Station, Penta plans to build a new district around Florence and Karlín in the future. At the end of October, it bought ČSAD Praha Holding, which owns the Florenc bus station and adjacent land. In mid-November, it bought long-unused land in Florenc, adjacent to the Prague main road, from ČD. Penta has previously stated that the deal “opened the door to the construction of a new urban district, the shape of which was determined by the Florenc21 urban planning competition. According to estimates by Pavel Vráblík, CEO of ČSAD Praha Holding, investments in the redevelopment of Florence should amount to several billion crowns.
Source: Penta Real Estate and CTK
