In Prague's Karlín, the construction of 120 luxury apartments is preparing

neighboring multifunctional building River Diamond

Prague The development company Karlín Group plans to construct approximately 120 luxury apartments in Prague's Karlín area along with the Ungelt/Spectrum group. The new buildings will be located near the office building River Diamond. Karlín Group announced this today in a press release to ČTK. The amount of investment was not specified.
Karlín Group recently completed the construction of the Keystone office building in Prague 8, which was almost entirely leased in advance by the construction company Průmstav from the French group Vinci. The building was purchased during construction by the GLL Real Estate Partners fund.
Another project of the developer is the reconstruction and extension of the former Karlín hall Kotlárny in Pernerova Street for the group of Zdeněk Bakala. The building will also house the publishing house Economia. Bakala acquired real estate from Karlín Group in 2010.
Karlín Group was established in 1997. According to the company's own data, its main shareholder is its founder Serge Borenstein and the Swiss company Marc Rich Real Estate. In addition to Karlín, the company is also planning construction in Prague's Modřany.
However, the company's original large plans for new construction have been dampened in recent years due to the economic crisis. For instance, the office section of the Karlín project Rivergardens was purchased from Karlín Group by the HB Reavis group.
Construction of apartments in the Czech Republic declined last year. Builders started constructing 27,535 apartments in 2011, which was a year-on-year decrease of 2.1 percent according to the Czech Statistical Office. The number of completed apartments fell by 21.4 percent to 28,628 units last year.