Finnish contractor YIT has acquired a plot for an area development project in Prague, Czech Republic.
It said the plot is located in a desirable residential area in the 5th district of Prague, close to the city centre, and with good public transport connections.
The floor area of the project, which will be constructed in three or four phases, is approximately 30,000m2 with 350 to 400 apartments and a few business premises, said YIT.
The project comprises new buildings plus old buildings which are to be renovated. YIT said there was a valid building permit for the new work, which allowed a fast start-up. Construction of the first phase is expected to start this spring.
YIT said the plot acquisition supported its strategy of growing its residential business in the Central and Eastern European countries.