Labor imports
Poland's largest developer, JW Construction (JWC), wants to raise some zł.200 million from its IPO, planned for Q2 this year.
"The issue prospectus has been turned in. The original plan, which I believe is a very realistic one, is that subscription will take place this month or next," says Jerzy Zdrzałka, president of JWC.
The money will be designated for the acquisition of new plots where the company wants to develop apartments. The land is mainly located in Warsaw, but apart from Warsaw, Tri-city and Łód, the company will enter Katowice, Szczecin, Łeba and Wrocław. Taking into account the 100 ha of land the company owns now, 14,000 apartments could be developed.
JWC also wants to expand its network of two- and three-star hotels. That number will increase from the current five to 10. According to Zdrzałka, the company will eventually sell them because they bring in less revenue than the company's activities as a developer.
JWC wants to attract up to 500 builders from Uzbekistan and Tajikistan. The first group of 200 workers is expected this month. According to the management, these builders have already worked on building sites in South Korea and Moscow. Now JWC wants to see how they adapt to Polish conditions. They will be put up in hotels and will earn between zł.2,000 and zł.3,000.
Currently, the company has around 7,000 apartments under construction. Last year JWC sold more than 4,000 apartments and almost doubled its 2005 result. JWC's revenues reached zł.726 million, 75 percent higher than in 2005. The company made a net profit of zł.132 million, compared to just zł.8.3 million in 2005.
