GARBE has been operating in the Czech and Slovak markets for about two years. During that time, they have established themselves quite soundly here and are preparing three industrial parks, while the one in Piešťany belongs among the top ones in terms of sustainability.

Martin Polák, Director of GARBE for the region of Central and Eastern Europe, answered our questions.

Garbe entered the Czech market in 2020 – actually almost at the same time as covid. How has this pandemic affected your development?

The first negotiations about potential opportunities began in the spring of 2020, when we agreed on cooperation with the German headquarters. We officially started our activities with the acquisition of a brownfield in Chomutov. We announced this in October 2020. We revitalized the land and today, we are building a hall there for the important German company Fielmann that deals with optics. They signed a preliminary contract for the originally speculatively prepared premises with an area of 30,000 sq m. In this respect, we are very satisfied and consider our strategy a success. The pandemic has certainly affected our entry onto the market and in many ways, we had to be more proactive and adaptable. The markets were uncertain, some negotiations dragged on and one often couldn’t be sure what was coming. On the other hand, it also had advantages for us. We made it clear that we mean it. We are a small team and could, and still can, afford a great deal of flexibility.

How did Garbe entrench itself in the Czech and Slovak markets in those two years?

I think very well. We managed to buy land, start several projects, both turnkey and speculative, and conclude the first lease agreements. In Chomutov, Fielmann plans to build a fully automated production and distribution centre, which is associated with the creation of up to 500 jobs in the region and an investment worth EUR 65 million. In České Budějovice, we managed to acquire a lucrative plot of land with an area of almost 500,000 sq m. In June 2021, we entered Slovakia by acquiring a plot of land with an area of 70,000 sq m in Piešťany. Today, we are building a second building with an area of 18,000 sq m there. We managed to rent the first hall with an area of 8,000 sq m even before its completion. Our tenants are Inalfa and Naut s.r.o. We are also doing well in Poland, where we have an investment team that manages assets worth almost EUR 150 million.

The industrial park in Piešťany should meet all ‘green’ criteria. How far are you with it?

Yes, GARBE Green Park Piešťany is certainly, so far, our greenest park and is also one of the greenest industrial properties in the region. It is not dependent on gas, and both buildings are nearly carbon neutral in operation thanks to air-driven heat pumps and photovoltaic panels. The local source of water from its own well is connected to a circular system that ensures its optimal consumption and recycling. Operational costs will be minimal thanks to our own energy resources. When designing the project, we took into account the surrounding landscape, so the halls respect the surroundings. There was also a space for beekeeping set aside on the property, and we also preserved the original forest. The first building is already completed and leased. Recently, we have announced the start of the construction of the second hall. GARBE Green Park Piešťany is currently the only plot where it is possible to build logistics halls in the region. We can already see that there is also a lot of interest in the second sustainable building.

In the Czech Republic, you are preparing projects in Chomutov and Boršov near České Budějovice. Can you introduce them in more detail? What stage are they at?

Both projects are quite specific and are doing very well. Both are located in excellent locations. Chomutov is only 18 km from the German border. This is ideal for German companies operating there or for those looking to expand into Western Europe. The same applies to the project in South Bohemia. After the completion of the D3 motorway, this region will be ideal for distribution to the whole of Europe. The area of the land is unique, and we will be able to satisfy demand for areas of several tens of thousands of square metres. At the beginning of September, we received a building permit for a speculative construction of a 20,000 sq m hall, which enables us to provide our client – a logistic or manufacturing company – with a turnkey solution already in 2023. By the end of the year, we plan to obtain building permits for additional halls with a total area of 50,000 sq m.

To what extent will these spaces fulfil the conditions of sustainability?

Every project we build meets the highest quality criteria in our field in the market. Chomutov was originally an outdated building site and needed to be revitalized. Only then could we start with the construction. Just like in Piešťany, in České Budějovice we plan to recycle water sources or implement solar panels with the aim to reduce the carbon footprint to a minimum. Most parks are equipped with photovoltaic panels. Sustainability is a matter of choice, and we believe it to be the right way. Our head office in Germany sets a good example and we always agree on investments in sustainable solutions. GARBE Green Park in Piešťany can be considered our flagship. According to our clients’ reactions and with regard to the energy crisis, we definitely want to continue with this strategy.

Both of these parks are relatively strategically located near the main roads. What is the tenants’ interest in them?

In this respect, nothing changes, and when choosing new premises, location is still the most important criterion for our industry and the customer. Central and Eastern Europe is the heart of Europe, which makes the region a strategic location for distribution and logistics. It can also be seen in the fact that other players in the market are also doing well and most of the locations are occupied. It turns out that the winner is now the one who has a planning permit or has commenced speculative construction and can offer premises within six to nine months of demand. Another key element is the terms of the lease. Companies that previously only considered premises near large cities such as Prague, Brno and Pilsen, prefer to rent industrial halls even 50 km from the ‘ideal’ location, because the monthly rent for 1 sq m is proportionally 2–3 euros lower. That means that we will continue to look for locations that offer easy and convenient access to major motorways, but we are not averse to smaller towns either. Attributes such as sustainability, quality of the premises and services we provide the customers with are extra, but we cannot do without the right location.

The Belgian family company VGP – developer, manager and owner of top logistics and semi-industrial real estate – operates in 19 European countries and, since 1998, also in the Czech market. 

Thanks to a fully integrated business model, capabilities and many years of experience, the company is able to implement projects from the purchase of land to the construction and asset and real estate management. Originally a construction company, VGP now strategically focuses on the realization of large multi-tenant industrial parks. David Plzák, VGP Country Manager for the Czech Republic, answered Development News’ questions for us.

The interest in logistics and warehouse space has increased significantly due to the development of e-commerce during the Covid era. How did this period affect your business?

There has been a significant increase in demand for warehouse and industrial space and a corresponding increase in rental prices from the start of Covid until now. Which, on the one hand, brings an advantage when renting or renegotiating existing buildings, but on the other hand, it generates great pressure for the acquisition of new land. We can see a critical shortage of them in many locations, which causes a price rise for those still available. In the last year in particular, we have also registered an almost rocketing increase in prices of construction work compared to previous years, which forces us to be very cautious.

Is it still possible to find land for construction in attractive locations? And what locations do you find attractive?

VGP generally wants to have parks near motorway exits and near larger cities. The offer in the Czech Republic is already quite limited in such locations, and possible opportunities are associated with significant complications during preparation, either in terms of permitting processes or induced investments. Apart from that, we want to focus more and more on the revitalization and renewal of the territory, the so-called brownfields, where we can make use of the advantageous position inside the cities.

What is the occupancy rate in your properties? To what extent can you afford to build speculatively? And are clients actually interested in speculatively built halls that are without built-to-suit modifications?

The total occupancy of our parks in the Czech Republic is very close to 100%. We have potential applicants for the vacant spaces, and we expect that these will be filled soon. Our long-term strategy is not to implement halls purely speculatively; we always want to have a certain level of pre-letting. We register cases where the client rents the hall in order to be sure that he will not lose the premises, and only then deals with possible modifications. We therefore also register a great demand for halls without specific modifications.

How do you think have the standards of logistics and industrial objects changed in recent years? Is it still possible to build halls today without some kind of certification? Do you have experience with green roofs, or with rainwater collecting, etc.?

In recent years, certification (BREEAM, LEED, etc.) has become a necessity for new buildings. Without a certificate, such a building would be very difficult to rent. Many potential clients, especially larger international corporations, have certification requirements as part of the specification. All our new projects have a BREEAM certificate or are undergoing the approval process. In Germany and the Netherlands, for instance, where VGP has its parks, we implement green roofs and install solar panels on a large scale. We are also planning all this here in the Czech Republic.

V Invest Development is completing the construction of the second phase of the Jinonický dvůr project in the Jinonice quarter of Prague.

The enclosed area that offers privacy and security will provide its residents with unique housing in 46 units with layouts ranging from bedsit + kitchenette to four-bedroom apartments with kitchenette. The underground garage with plenty of parking spaces, greenery and relaxation zones throughout the building come as a matter of course.

Sensitive renovation using old procedures

It is no exaggeration to say that the project is like living in a castle. The original site of Jinonický dvůr, maintained as a cultural monument, dates back to the 11^th century. It was devastated during the Thirty Years’ War, and in the 17^th century it was replaced by a baroque castle. Its subsequent reconstruction with classicist modifications at the beginning of the 19^th century is the work of the Schwarzenberg family, which is still remembered in the sandstone sign above the building’s entrance portal.

The current complex is being sensitively renovated due to intensive cooperation with preservationists, who were there to consult every intervention in the original appearance of the building. This helped to preserve maximum of its historical elements and constructions, such as the two-century-old trusses. “Using technology, we created a 3D model and each element in the trusses was assigned a number, which will make it possible to put back those whose condition allows it into their original positions. The rafters in the apartments will be exposed in order to emphasise the centuries-old history of the castle,” says Jan Kukla, Project Manager.

After dismantling, each wooden element is assessed statically and mycologically, and if it is usable, it is returned to its place. If it is partially usable, it is returned after being covered with new wood. Only when the beam is assessed as destroyed is it replaced by a new structure. This is made by carpenters using mortise and tenons, without metal elements. Carpenters work precisely and in the old-fashioned way during the reconstruction. Beamed ceilings and some other original building elements in the interiors of the new apartments will remain exposed.

Unique genius loci

When in the original complex, you can come across other reconstructed elements that are completely unique and give the whole project an extraordinary genius loci. Whether it is baroque or classicist supporting structures, magnificent ceilings and vaults, the original baroque portal for the staircase to the first floor of the north wing or the restored sundial. The castle’s pride is a tower with a historic clockwork, which contains original elements.

What represented a big challenge for renovation was the beautiful original fountain situated in the grounds of Jinonický dvůr, which is one of the dominant features of the common outdoor areas of the enclosed complex. Preservationists helped with the placement of the original dismantled fountain above the ceiling of the underground garages. The goal was for the fountain to work but not leak out into the garages. The only system that does not let through any moisture is the historically proven lead tub, which was also part of the original fountain, and was therefore retained in the new refurbished one, which was carefully dismantled and returned to its original place.

“Working with the preservationists was very fiddly in order to help to fine-tune every detail. But they also allowed us modern elements, for instance the frameless windows on the facade of the former granary, which filled the previously blank elements. The very modern structures thus support the historical essence of the building. The same applies to dormer-windows, where we also discussed everything with the preservationists intensively. And the situation was similar with the construction of replica chimneys, which do not serve, in their new form, to exhaust combustion products, but as outlets for air conditioning and ventilation,” explains Jan Kukla.

Modern housing in a historic complex

The Jinonický dvůr project offers units with layouts ranging from bedsit + kitchenette to four-bedroom units that are exceptional in terms of their disposition, layout and spaciousness. This is premium housing of a high standard with elements of the original architecture, which can be felt in every corner. With regard to safety and privacy, Jinonický dvůr is built as an enclosed and impassable monitored area, where all traffic is diverted to the underground. No one within the entire area will be disturbed by passing cars then. Emphasis was also placed on plenty of greenery, front gardens and relaxation zones.

Completion of the second phase of the Jinonický dvůr project is planned for the second quarter of 2023, and the currently available units can be found at www.vinvest.cz.

Last year, the development company Horizon Holding celebrated 20 years of operation in the Czech residential market and this year, they plan to hand over 500 apartments to new owners.

However, they do not only focus on the construction of individual housing blocks, but they also participate in the local infrastructure and landscaping of the surrounding area of the projects. Yishay Furman, CEO at Horizon, spoke to us about their current projects and plans for the future.

In the previous interviews, you presented some of your projects, including AURA Statenice, Zahálka, Modřanka Residence and Kay River Lofts. How do they proceed?

We now successfully continue with the sales of the last phase of Zahálka located next to the Hodkovičky golf course. We just sold out all 355 apartments in nearby Rezidence Modřanka, where are only two retail units left. We recently handed over all 55 units to the clients of Kay River lofts in Karlín and 148 flats to clients at Rezidence Čámovka in Čimice, where we plan to start the next phase soon. Recently, we started sales of our project AURA Statenice with 79 family houses. This project is located near Prague 6 with parking and plots up to 1,500 sq m. Infrastructure works are already ongoing for the last year. We are about to donate more than 100 milion CZK to the village for infrastructure and other facilities as water treatment system, school, etc., up to 3,000 sq m will be designated for retail and will serve current and future residents.

You have started some other projects. What makes them interesting? And what makes your projects different from others?

As I mentioned before, we plan to start the 3^rd phase of Čámovka with 400 flats. We also plan to start projects in the city center – Rezidence Blízká in Karlín with 230 apartments and URBANIKA in Smíchov with 160 ones, with beautiful views of Vyšehrad and Prague Castle. For our projects – we always think of them in all complexity – we apply sense and sensibility for housing. We integrate parks, playgrounds for children and even pets or communal gardens. We want to contribute to the locality where we built, we consult what is best with experts. For example, this year in our project Zahálka, we finished the revitalization of Zátiší brook (Zátišský potok), where we restored its basin which was lost underground for a long time. Our projects also receive BREEAM certifications for its sustainability. We apply green roofs, drainage water systems for re-use, recuperation, etc.

Which one would you like to live in?

As I said once before, our projects are like our children. You love them all. But in this case, I would say that after living for the last 17 years in Statenice and Horoměřice, AURA to me is a great project which will welcome families and will renew and refresh the village. As there are big units with huge gardens, it will be a great neighborhood.

There is a constant demand for apartments in Prague. More mobile people buy them as an investment and rent them out to those less mobile who can’t afford a mortgage. How is this reflected in your business?

The fact that flats became expensive is a fact! But people must live somewhere so there will be buyers and if not the final buyers, so it will be investors who will lease the flats. The rents have increased dramatically in the last year. We also believe in that trend and aim two or three projects of ours to keep as flats for rent.

The end of the year is slowly approaching, when the balancing period begins. How will you evaluate this year, if everything goes according to the previous assumptions?

This year we will handover around 500 apartments in total, which is the biggest amount in the history of the company. As we celebrated 20 years on the market as a developer last year, I think it is a very nice milestone for us.

Do you have any predictions for next year? How will the situation develop?

I believe that the market can’t and will not stop. The fact that construction costs increased, plus the expensive interest rate will slow for a while the sales and the increase of the prices, but as there will be small amounts of flats in the market – they will be sold. Prague can’t stay with 2,000–3,000 flats a year and must have at least 6,000–7,000 new ones to meet the demand. Today the situation worldwide is problematic with high inflation and worries, but I guess that during 2023 and 2024 things will come back to the stage as was 2021.

A unique project Oaks Prague is being built in a picturesque landscape near Prague, in the village of Nebřenice. Its developer is Arendon Development Company, a. s., with the support of the London investment group Kew Capital.

There is currently an 18-hole golf course licensed by the PGA National. Although we fell behind schedule during the pandemic, the whole project is expected to be completed by 2028. The winner of the tender for gastronomy operator, which is the proven concept by the well-known Italian culinary guru Riccardo Lucque of La Collezione, has also been announced to the public. In addition to a premium bistro, La Bottega Oaks Deli Bistro will also offer a shop with quality Italian ingredients and products in the residential area of the village common. The Club House will be placed in the reconstructed Chateau, which was originally built by the von Schuttelsberg family and will become the dominant feature of the golf course. Golfers can look forward to quality facilities and the La Finestra Oaks Golf Club there.

The Chairman of the Board of Directors of Arendon, Ing. Jan Zemánek, MBA, spoke to us about the entire Oaks Prague project.

What activities does the development company Arendon engage in?

Arendon is specific for dealing with the development of a single project, and that is Oaks Prague. It may sound a little strange, but we have to realize that Oaks Prague is not a simple and standard development project. With a bit of exaggeration, it is actually a development of a new settlement, which is planned and implemented as a whole complex, which is something that has not happened in the Czech Republic for several decades. It is such a large complex that we do not consider it a project, but a development programme. It comes in several parts and is divided into several phases, which will be implemented gradually. The plan is currently set for 2028.

What specific parts is the programme divided into?

It is divided according to the location of the individual parts, their location as well as their function. The primary purpose is a residential function – housing, which will come in several forms. We plan to build a total of 480 housing units on the golf course, from small housing blocks to luxury residences. In the meantime, there are a number of other products, such as detached houses, smaller residences, semi-detached houses, terraced houses, etc.

What is the main residential function and its distribution?

We have a total of five product lines, which are distributed in two main locations. One of them is a luxury golf residence, which is situated virtually in the middle of the golf course, near the current Chateau, which has already been there for 250 years. We are converting it into a golf club and a boutique hotel will be built nearby. The second part of the residential development is located in the village, where there are housing blocks and various types of family houses.

What other functions are anticipated in the project?

The second group of functions should provide the residents with a good quality of life and enable them to engage in a variety of activities. The overall character of the development, the urban concept, contributes to this quality of life. The first completed part of the whole project is a golf course. It holds a PGA National license, which represents the hallmark of the best quality you can get in the world of golf. There can be only one course with this license in each country – except for the USA where it originated. It should be noted that the golf course is operated by Troon Privée, which is one of the world’s leading golf course operators. This is evidenced by the fact that our golf course has twice been awarded the best golf course in the Czech Republic and the best golf course in Europe. This is granted every two years, i.e., in 2020. I hope that we will retain the title again this year.

Golf plays a very important role in the project.

The golf complex also comes with a clubhouse in the Nebřenice Chateau, which we are reconstructing. We plan to open in April this year. Apart from the aforementioned restaurant, which will of course be open to the general public, it will provide facilities for golf tournaments. Whilst we have already started talking about the area of hospitality, then one of the essential parts of the first stage around the square, which is currently being completed, is Deli Bistro. A restaurant with the same operator as the Chateau, La Collezione, which belongs to the top restaurants. You may know the concept of La Bottega restaurants. It will also include a small shop. Another important part of the project will be the hotel near the Chateau. It will be interesting for new residents of Oaks Prague as it will offer a number of attractive functions, especially, for the Czech Republic, unique and large spa and wellness, fitness, several restaurant and social facilities and other associated services. It will provide exclusive facilities for business meetings and social events as well as family celebrations. The hotel will be operated by the world leader in the ‘sustainable luxury’ segment.

What other infrastructure will the Oaks Prague project include?

A very important part of the whole community will be a nursery school, whose construction is planned for the second quarter of this year near the village centre. Each of the housing blocks that we build will include commercial rental premises for shops, restaurants, cafes, patisseries, etc. But we want to leave it to organic growth. We do not want to manage it a priori, except for Deli Bistro, which will open in April.

What other sports activities besides golf will you offer to the residents?

Together with the surrounding municipalities, we create, reconstruct and complement a network of cycleways, which will cover tens of kilometres on the Popovičky – Křížkový Újezdec – Petříkov route. The project should include a tennis academy and also a horse-riding centre. These are the four main sports pillars: golf, cycling, tennis, horse riding. We are also considering building a biotope – recreational water areas with ecological water treatment that does not use chemicals. And a lot of other things that are related to physical condition and will be part of the associated operations at the hotel.

You also mentioned that there is a plan for a commercial part. What is your vision in this regard? 

We certainly do not forget commercial or business matters. Once the 480 housing units are completed, and we account with an average of three residents per housing unit, we reach a number of about 1,500 residents. Not everyone will live there all the time, so if we reduce it to two-thirds, we get to a number of thousand residents. The average size of Czech municipalities outside large cities is 500 inhabitants. That makes it a kind of a small town and people need to buy basic things. The first smaller store will commence operation from the beginning and another one is planned near the centre, depending on how the village will develop. We anticipate that this will need to be complemented by additional retail premises.

The initial vision was to build a historic village with modern elements. Where have the current thoughts gone? 

We deviated from the original designation of the village. The original concept of the whole project was a bit negatively affected by the fact that it was created by foreigners. They have a somewhat naive approach to these things. They are very enthusiastic about Czech historical buildings and have the feeling that we want to live in some replicas of historical sights. Such people certainly exist, but there are more of those who want to buy a modern property, not only in terms of technology, but also in terms of architectural expression. The project has long been based on the opposite approach – to create reminiscence of a traditional Czech village, including architectural forms that were created 250 years ago for farmers – including barns, cowsheds, etc. We did not consider it the right concept, so we changed it. We are building a ‘housing estate’ for people of the 21^st century, who do not want to live in the city, but within its vicinity, with nature within their reach, but still want to have the comfort as if they did live in the city, plus that ‘little something’ they cannot find in the city. It takes 20 minutes to get to the centre of Prague, so if someone wants to go to the theatre or somewhere else in the evening, they get in the car and fulfil their wishes within half an hour.

How will the project be further presented then?

Our inspiration is in the ‘garden districts’ of Hanspaulka, Ořechovka, Starý Spořilov and others. They have several common denominators. The first one is that they originated at the same time – 100 years ago – on the periphery. Maybe the periphery won’t even be there in 100 years. The second one is that all the settlements were created with an urban concept and used architectural morphology that connected them and integrated the individual houses. When you look at old Spořilov, you see that the houses are actually typical and repetitive, which we perceive positively. Because if you have 300 houses and each of them is different, each has a different fence and colour and uses different materials, the whole concept will not be ideal from an architectural point of view or from the point of view of maintaining the quality of the environment, which is a very important issue for us. The ‘folk creativity’ in the effort to customize each house is really very colourful.

How do you want the new residents of Oaks Prague to respect these intentions?

We are trying to create a framework so that these issues are maintained and work in the long term. There will be Homeowners’ Associations – the law actually does not allow otherwise. And at the same time also a kind of ‘interest organization’ of all the residents, which will, to a certain extent, take care of the emerging settlement as a whole. We would also like certain rules to apply to individual house modifications. It should be in the interest of all the residents to take care of the environment that will be created, to maintain it and to preserve the shape that creates the character of the environment and its value as far as possible. If everyone modified their houses as they wished, the environment would lose its uniqueness and character.

The assignment was processed by several architectural studios. Each architect has his own style. To what extent did you manage to conceptually harmonize the individual proposals?

The original concept was somewhat naive, also from the point of view that it would be designed by dozens of architects, because such a thing could not be controlled. Imagine that you have to manage, for example, 50 architectural teams and each of them creates a unique design. You need to check if it fits your specifications and ideas. Plus, you’re building on a speculative basis, so, you don’t know who is going to use that particular house. That can’t be done!

But the construction began with this original concept…

Yes, in that spirit, but not extremely. The first part is now being completed. There are housing blocks designed by various world-famous architects and a similar concept was intended for the rest. We have abandoned this concept because we really would not be able to achieve the goal we want with this approach. We have reduced the number of architectural teams to approximately four studios. We are now finalizing their selection. In fact, we spent the whole of last year modifying our plan in order to give the architects meaningful assignments in terms of house size, land size, number of rooms, etc., to make it compatible with market requirements. We now have a pre-selection of several architectural teams with which we want to start designing the rest of Oaks Prague.

Does this represent another fundamental change in the concept?

We have a part with 70 housing units ready for construction, which we plan to start implementing in the third quarter of this year. The design was participated on by the same architects as in the first part, which allows for a certain character to be preserved there. What changed in the concept was that we want to use quality architectural studios and we want fewer of them. The individual parts of the project, which are logically separated by roads, parks and other public areas, will have a different character, but there will be a uniform morphology within the framework of certain smaller complexes. There will be different types of houses – detached and terraced – but from one architect who will follow certain design rules. Around the plaza in the central part of Oaks Prague, we will implement denser and higher development with housing blocks. The height of the houses comes down towards the outskirts of the village, and the development is distributed more loosely. That means that it has the character of a typical town, though without a church.

How does the current market price development affect the Oaks Prague project?

We are affected by this just like any other developer. The sale price of the property reflects the entire cost spectrum. It includes the acquisition price of land, implementation costs, costs for processing project documentation, project management and other consulting matters. Another important component is the cost of financing, because almost no one implements real estate projects from their own resources, they always borrow some financial resources. And then you also have to make some profit… Building costs basically represent about half of the total development costs. And if they increase by 20% or 40%, you get into a situation where you need to aliquot the sale price if you want to keep at least some profit. And it is not, unfortunately, just a question of construction costs, but also of rising interest rates over the last three months. And we can go on: higher energy costs, higher costs for people who want more money, because everything is more expensive. The inflationary spiral is spinning. So, we can’t sell at prices that worked a year or two ago.

At what stage is the project now?

We are currently completing the first stage, which has 60 apartments in the eastern part of the project. We have sold 60% because there was some delay. We have started the final building approval process – we have three family houses from the Irish architects McGarry-Moon approved. Other buildings will undergo final building approval in the first months of this year and we anticipate that the first residents could move in in the second quarter. Upon completion, we expect a large increase in interest in buying properties. Because this is a unique project, a lot of people can’t really imagine what it entails and how it will work. What is important to us in this context is the fact that we will not only open and put into operation apartments (mainly the housing blocks in the centre are completed), but there will also be the already mentioned civic amenities. Oaks Prague will simply come to life. It will not only be housing, but there will be commercial premises on the ground floor. We are also moving part of our company there, and the sales centre, which is still in an impromptu building on a golf course, will start operating there in March.

Last of all, outline the further construction schedule.

We would like to complete the entire program by 2028, which means we still have a long way to go. We have significantly intensified our activities by creating larger units that we want to design and, if possible, to implement as fast as possible, though in a good quality. We are completing the first phase, which will be followed smoothly by the second phase, which comprises two buildings that look like six. They have shared underground garages and will have around 70 apartments. In the near future, we will start the construction of a nursery school. We have started the construction of the first luxury residences at the southern part of the golf course near the square. This phase should be completed within two years. This will then be followed smoothly by the construction of larger units. We also plan to start building the hotel complex within two years’ time and complete the first group of golf residences in parallel with this.

Arnošt Wagner / Photo: Jan Mihaliček