Warsaw Stock Exchange-listed developer Dom Development has contracted its newly created subsidiary Dom Development Construction to build the planned Żoliborz Artystyczny II residential project in the Polish capital. The value of the agreement amounts to over PLN 353.1 million. This is the first contract to have been awarded to Dom Development Construction which is supposed to act as the general contractor of selected housing schemes of Dom Development in Warsaw.
The developer has recently announced a new strategy with regard to the way in which its investments are built, quoting the “unstable situation in the construction industry” as the reason for the change. The company will from now on use its own resources and the experience of Gdańsk-based developer Euro Styl that is part of the capital group to build some of its developments, rather than appoint external companies as those projects’ general contractors.
The Żoliborz Artystyczny II scheme will be built in three phases. Phase I (261 apartments and 12 commercial units), Phase II (467 apartments and 22 commercial units) and Phase III (472 apartments and 22 commercial units) are scheduled to be launched in Q2 2018, Q1 2019 and Q2 2020 respectively. They are expected to be completed in Q4 2019, Q3 2020 and Q4 2021 respectively.