TNBiz (TNBiz)
Czech markets  |  October 07, 2010 16:50:10

Developer Orco won permission to build Polish project Zlota 44


WARSAW (MEDIAFAX) - Developer Orco won planning permission to implement the 44th Warsaw skyscraper Zlota Informed the agency on Thursday said.

Skyscraper Gold 44 in the center of Warsaw will include 251 housing units, residents will be available to the general service center including a swimming pool, summer terrace and sauna.

Construction work on the skyscraper, which were discontinued because of protests by local residents, should be restored within eight to 12 weeks, Orco said.

The company's shares on the Prague Stock Exchange on Thursday firmed by 5.01 percent to 199 crowns.

Vojtech Kristen,

Orco in response to the permission stated that restores works from 8-12 weeks and try to finish the project by the beginning ME Cup in 2012. For Orco this report is to assess the extensive resources already invested in the construction. The markets in which Orco operates, while the Polish real estate market has the best economic slowdown and Orco is one of the most dynamic.

Paul Ryska

Orco first gained planning permission and according to our information presold 80-90 of total 251 bytes. Building permits, but was later suspended and Orco had to stop building (on the 17th floor). The total investment cost is estimated at € 160 million (excluding interest expenses, € 40 million already spent). Zlota 44 project, according to our calculations, over 3 years to bring the gross profit of about € 7-8 per undiluted share of the company. The project is already included in our review model, and therefore planning permission is neutral to slightly positive message (due to a declining discount rate) for our awards. Shares of Orca yesterday strengthened by about 4% (around € 5 million in market capitalization) and they remain slightly positive.

Peter Bártek

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Developer Orco získal povolení k výstavbě polského projektu Zlota 44

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