The apartment building at Prague's Vítězné náměstí has received its occupancy permit.

Prague – The residential building Victoria Palace at Vítězné náměstí in Prague’s Dejvice has received occupancy approval. The building, with its distinctive facade, was completed for 850 million crowns by Penta Real Estate in collaboration with the Kaprain group, and it features 92 apartments for a more demanding clientele. Most have already been sold. The ground floor contains spaces for shops and businesses. Penta stated in today’s press release that this is the first completed building at Vítězné náměstí in 87 years.

The plan to fill the gap at the northern corner of the square had been in the works for more than 15 years. In 2016, the Kaprain group purchased the project for construction on this site and brought in Penta Real Estate as a partner that same year. "This area had long been an neglected space and an unfinished city block. Even in the project preparation phase, we agreed with the Prague 6 municipality and other partners that we would also continue the commercial promenade along Vítězné náměstí,” said David Musil, director of Penta Real Estate. Therefore, retail spaces and facilities for new services or a café were created on the ground floor of Victoria Palace.

The architectural design of the building was created by the studio of Jakub Cigler. According to Penta, the design connects contemporary modern architecture with the original first-republic intentions of architect Antonín Engel, who aimed to give Vítězné náměstí a palatial neoclassical form. Victoria Palace, according to the company, respects the shape of Vítězné náměstí and, with its height and shape of the roof, also fits into the surrounding development. The main elements of the building are facade slats made of aluminum and glass fiber cement, which cost 150 million crowns.

In addition to the attractive exterior of the building, the investors stated that the construction has another visually appealing element, which is the entrance lobby illuminated by Preciosa and finished with Italian travertine. This material was favored by the ancient Romans, who used it to build structures such as the Colosseum, St. Peter's Basilica, and the Trevi Fountain.

"A residential project that naturally combines top-notch architecture, luxurious finishes of all apartments, and a beautiful location with views of Vítězné náměstí, Hradčany, or Ořechovka, is absolutely unique in Prague. Therefore, it is no surprise that there has been great interest from the very beginning, and today the building is sold out by 85 percent,” said Jan Kozler from the Kaprain group.

According to earlier statements from Penta to ČTK, the price per square meter at the site can reach up to 225,000 crowns. According to the latest data from the development company Central Group, the average price for an apartment in a new building in Prague is currently 152,644 crowns per square meter, while older apartments are priced at 123,683 crowns per square meter. All commercial spaces spanning 1,900 square meters in Victoria Palace have also been rented out.

Vítězné náměstí was established in 1925. Its urban concept was designed by Antonín Engel, but it was never completed. The construction of the so-called fourth quadrant is supposed to change that. Vítězné náměstí has had several names; for example, from 1952 to 1990, it was called October Revolution, but the name "Kulaták" has become popular among locals. The winning proposal for the completion of the square comes from the Dutch and Czech studio Benthem Crouwel International and Opočenský Valouch Architects (OVA). The fourth quadrant is planned to include a multifunctional building with apartments, offices, shops, services, and restaurants. Penta Real Estate also plans further development in this area according to the press release.

This year, Penta Real Estate plans to complete projects such as Rezidence Juliska, the first phase of the Nuselský brewery, and the first residential buildings at Nová Waltrovka. Additionally, the company plans to start the construction of approximately 670 more apartments this year.