A new housing estate with 400 apartments will be built in Liberec

Liberec - The Orco Property Group intends to build a new housing estate with 400 apartments in Liberec, in the area between Vratislavice nad Nisou and Nová Ruda. The council has already approved the plan, and the investor aims to obtain a zoning decision by September and start construction before winter. Jiří Kittner, the mayor of the city, stated this today to ČTK.
    "This is a private investment, the houses will be built on private land," he noted. The municipality will only coordinate the connection to the infrastructure with the multinational Orco Property Group, for example, for sewage or public lighting. The investor also wants to gain support from the city’s housing development fund. They can only apply for it once they have a building permit. There is still great interest in new apartments in Liberec, and most of them are sold by investors even before construction begins.
    The new housing estate will be built on land near the brewery ponds. On approximately four hectares, there will be 22 three to five-story buildings. The zoning plan accounted for areas for housing, recreation, and sports, so it does not need to be changed. The study also respects the proposed route of the Liberec bypass.
    In the Liberec region, builders completed the fewest apartments last year in the last four years. They handed over 1,024 apartments to users, which was ten percent less than the previous year, when they completed 1,133 apartments. According to data from the Czech Statistical Office, only builders in the Karlovy Vary region completed even fewer apartments in absolute numbers. Both regions are also the smallest in the country.
    The Luxembourg-based Orco Property Group has been active in the real estate and hotel market in Central Europe since 1991. Currently, it manages assets worth 1.3 billion euros. Orco shares are listed on the Euronext Paris stock exchange and the Prague Stock Exchange. The group includes companies such as IPB Real, MaMaison Hotels & Apartments, Viterra Development, ORCO properties, and retail projects. Orco is currently operating in the Czech Republic, Hungary, Poland, Russia, Croatia, Germany, and Slovakia. Last year, the group increased its revenue to 169.3 million euros (approximately 4.7 billion crowns) from 50.4 million euros in 2005. The company has not yet built anything in Liberec.