Geosan Development plans to build 283 apartments in Prague for 2.4 billion CZK

Prague - The development company Geosan Development plans to construct a residential building in Prague 6 near Břevnov and Hradčany. The Re.Start Petynka project near the eponymous swimming pool will cost 2.4 billion crowns upon completion and will feature 283 apartments. The company informed about this in a press release. The estimated starting price of the finished building was communicated to the media by the company's representatives. The anticipated start of construction is scheduled by the company for the beginning of next year. The company plans to complete the construction two and a half years later.

The building will have nine above-ground floors with apartments ranging from 1+kk to 4+kk layouts. According to the company, the project will also include duplex apartments, penthouses, i.e., large rooftop apartments, and 2+1 apartments suitable for investment purchase. Commercial retail spaces for rent will be located on the ground floor.

"More than half of the project will consist of 2+kk apartments of around 46 square meters, which combine ample space for comfortable living with price affordability," said Jiří Baloun, head of sales and marketing at Geosan Development. A large portion consists of studio apartments, and according to him, there are also 2+1 apartments in the project.

An analysis by the development companies Central Group, Trigema, and Skanska Residential shows that the price of new apartments offered at the end of the second quarter was 156,780 CZK per square meter. Since the beginning of the year, the price has risen by nearly three percent and is currently at its historically highest level. The selling price, i.e., the final amount that a buyer paid at the end, was according to the analysis 146,961 CZK per square meter, nearly 5,000 CZK higher quarter-on-quarter. Older Prague apartments average 138,000 CZK per square meter.

Geosan Development was founded in 1998 and has completed 22 new constructions with nearly 2,350 apartments during its existence. Among its current projects is the Radimova Břevnov Residence near Kajetánka Park, and the Benkova Residence project, which consists of two residential buildings in the villa district of Prague's Chodov. Currently, the company is preparing around 1,000 apartments in the wider center of Prague. However, the company also operates in the regions. In Choťánky near Poděbrady, it is carrying out the fifth phase of construction plots prepared for the individual construction of family houses. In October 2018, the company acquired the Nagano Park administrative complex in Prague 3 with a total area of 26,000 square meters.