A window of opportunity

The new Polish and British consortium will invest EUR 33 (zł.164) million in a residential complex consisting of 150 exclusive villas and located on a 16,200-sqm plot, between Magdalenka and Nadarzyn, 18 km from Warsaw's city center.

The first stage of the development will include 16 houses and is scheduled for completion in the spring of 2007. The developers plan to start selling in September when two show homes will be ready. The whole project will be completed within three years.

"The idea was born several years ago. The Ventana [Spanish for window] project differs greatly from what is available on the market. The product is directed to people with a developed taste who want to live in a peaceful, quiet place," says Krzysztof Ruciński, president of Venessa.

The price per sqm will be around EUR 1,500 (zł.6,000) and will depend on the size of the plot, which each future resident will own after the purchase of the house. The developer plans six types of houses with total space ranging between 160.4 and 470.83 sqm. A service zone around the development will host a multi-functional building with shops, cafes or a kindergarten, but the final designation will depend on the needs of the future residents. The complex, which will also include recreational areas and additional parking lots for visitors, will be surrounded by hand-made artistic fencing.

Polish Venessa owns the plot, which it acquired several years ago. The consortium has already prepared the financing system for its customers, who will initially pay 15 percent of the value of the house to Deutsche Bank and the rest after completion.

"Future residents will not finance the construction of the project," says Dominik Cwajga, marketing director at Venessa. "The finance comes from us," says Euan Cresswell, managing director at Westmark. "We want to invest in Warsaw and in Poland not only in one project but in many over many years. We are concentrating on single family houses in Poland. We want to build our reputation here in Warsaw."

The current portfolio completed by Westmark amounts to EUR 500 (zł.1,986) million. The company wants the development to be their flagship scheme.