EUR 100 million residential project planned for Wilanów

Wilanów Investments, a joint venture of PKO Inwestycje, with 51% ownership, and Prokom Investments, with 49%, will build a EUR 100 million residential project in Wilanów, with 2000 apartments to be completed by 2008. The first 523 apartments are to be completed already next year. PKO Inwestycje is hoping to attract many buyers with its financing terms, which it says will be very attractive. Full details are not yet known, but the bank will allow buyers to finance 100% of the investment with a loan and spread repayments over 30 years. The residential project is part of the EUR 1 billion Miasteczko Wilanów project, which will include office buildings, shopping centers and schools. Prokom Investments, which is the main developer and which owns the 170 hectare construction plot, will also build zł.140 million worth of infrastructure. Prokom Investments paid $110 million for the land, while its present value is worth at least double that. (Parkiet, p. 5) T.J.