Luxurious Central Park Prague in Žižkov has been completed

Prague - Despite the suspension of the construction of the luxury residential project Central Park Prague in Prague's Žižkov last autumn due to the economic crisis, the developer of the project announced its completion today at a press conference after more than four years. The construction of 545 apartments ultimately cost over four billion crowns, exceeding the original estimates by approximately 300 million crowns.
    The luxury project, where the price per square meter ranges from 80,000 to 120,000 crowns, has not attracted many buyers so far. According to the director of CP Prague, Jan Domiter, a purchase agreement has been signed for only 30 of the total 545 apartments, with 20 more apartments pending signature. According to Domiter, selling all the apartments will take approximately another year to two years.
    In the summer of 2008, a third of the project was approved. However, the crisis and financing difficulties halted construction last September. The resolution of the situation came this February from the real estate fund CEE Property Development Portfolio (CPDP), which had previously owned part of the project.
    As part of the revival of the halted construction, the fund, a significant portion of which is controlled by Česká spořitelna, increased its stake in Central Park Prague to almost 100 percent. At the same time, it invested an additional 180 million crowns into it. "It was not easy to reach the final stage," Domiter summarized the project’s complications today.