UBM residential construction
In the first phase of the construction of the Arcus City project in Prague 5 - Stodůlky, which has a total of 100 flats and its completion is planned for 2023, UBM sold a total of 60% of flats in the first half of the year and has another 25% negotiated. Due to the success of the sale of the first phase, UBM is going to sell apartment buildings with 50 apartments at the turn of August and September. In July, UBM opened a sales center on the project site. In a joint venture with Crestyl, UBM successfully approved the Neugraf residential complex in Smíchov, Prague, where a model apartment was opened for those interested in May this year. More than half of the apartments in the project have already been sold, and commercial space is also on offer.
Offices: Astrid Offices building approved
In April, UBM approved the Astrid Offices office building in Prague's Holešovice, which was built on the site of the former Astrid cosmetics brand factory. The building with 4,300 m2 of office and retail space is now rented and tenants are moving to the premises this month. The Czech branch of UBM is also moving here from its original headquarters in Liben.
Hotel Andaz Prague: construction continues according to plan, grand opening in spring 2022
The reconstruction of the Sugar Factory Palace on Senovážné náměstí in Prague and its transformation into the five-star Hotel Andaz Prague, which is the company's largest investment in the Czech Republic for almost 30 years, continues according to plan, despite the pandemic crisis. About a thousand workers work on the construction site on an ongoing basis. The five-star luxury lifestyle hotel will become the premiere for the entry of the renowned Hyatt network into the Czech Republic. Hyatt has only 4 hotels throughout Europe (in Vienna, Munich, London and Amsterdam), Prague will be fifth. The façade has recently been completed, and interior work is now underway on common areas and 175 hotel rooms. After the approval, a trial operation will be launched in the hotel at the end of this year, the grand opening is planned by UBM in the spring of 2022.
Company strategies and plans
"Given the continuing high demand for new housing, we plan to acquire one to two new residential acquisitions within one year, the size of a residential project from 100 apartments upwards is optimal for us. Following the strategy of the parent Austrian company, we want to focus on construction, especially in Prague, especially in the housing segment and in the medium term also in offices. For this reason, we sold our project of a recreational resort in Lipno (in the Kovářov locality) to an investor with rich local knowledge and know-how (Austrian group Gruppe Dorn-Fussenegger). It has been operating in the Lipno region and its surroundings for many years and has a lot of experience with the real estate business, "said Josef Wiedermann, CEO of UBM Development Czechia.
