YIT has sold its Rivi Bachova project in Prague’s Chodov district to the Rivi Housing Cooperative, marking a significant move towards cooperative housing solutions amidst growing demand. The cooperative model allows interested parties to join as members, acquire a cooperative share, rent an apartment, and eventually purchase it into personal ownership. YIT is currently progressing with the construction of a 12-story high-rise comprising 47 apartments and one commercial unit, scheduled for completion by autumn this year, with occupancy slated for December.
Interior works including tiling, installation of furnishings, painting, locksmith tasks, and elevator installations are currently underway at the Rivi Bachova project. Simultaneously, exterior finishing works on facades, terraces, and balconies are being finalized.
Located on the former site of a disused boiler house at the intersection of Mikulova and Bachova streets, the project features apartments ranging from 1 bedroom + kitchenette (1 + kk) to 4 bedrooms + kitchenette (4 + kk), spanning 33 to 91 square meters. Additional amenities include cellars, bicycle storage, and parking spaces accessible via two car lifts, alongside a designated commercial space.
“This partnership builds on our successful track record in cooperative housing, following our achievements at projects like Hyacint Modřany and Suomi Hloubětín,” stated Marek Lokaj, CEO of YIT Stavo. “Cooperative housing offers an attractive alternative for those navigating challenging mortgage market conditions.”
Cooperative housing in the Czech Republic has gained traction due to its accessibility without requiring substantial upfront capital or stringent mortgage approvals. “The cooperative model allows members to secure apartments with a modest initial deposit of 20 to 25% of the total construction cost, with the remaining financed through cooperative arrangements,” explained Dana Bartoňová, Sales Director at YIT Stavo. “This approach circumvents traditional mortgage constraints and offers flexibility in ownership transfer, making it a compelling choice for diverse buyer profiles.”
Residents of the Rivi Bachova project will benefit from its prime location in Prague 11, boasting excellent amenities such as schools, supermarkets, dining options, medical facilities, and recreational spaces including parks and gyms. The nearby C – Opatov metro station ensures convenient access to the city center, while proximity to Westfield Chodov, the largest shopping center in the Czech Republic, further enhances lifestyle convenience.
