From Russia with cash

From Russia with cash
9. prosince 2016 • 14:16

In sight of billionaire Jiří Šimáně’s Albatross Golf Resort a new property development project is under way. Prague’s Getberg real estate firm, emboldened by Russian capital at its disposal, is constructing a group of low-energy apartment houses in the village of Vysoký Újezd, not far from Karlštejn, southwest of the capital. The entire investment exceeds a quarter of a billion crowns (9.3 million euros).

“The beginning of the project is being financed from our own resources. Eventually we’ll put to use the investor and bank financing,” said Getberg managing director Egor Khlebnikov. Where private individuals’ capital is concerned, the developer is collaborating with investors from Russia.

The first phase of the project, named Modrý platan [Blue Plane Tree] will see 12 houses built on 13,000 square metres. The buildings will each be divided into two apartments, making them duplexes. CZK 140m has been earmarked for the first stage.

Getberg is planning to start the second stage, to be created on a neighbouring property of around 5,000 sqm, next year. The investment commitment for this part of the project is around CZK 120m.

Getberg is betting that, among others, Russian buyers will be drawn to the premium golfing locality located between Karlštejn and Prague and a relatively short drive from Václav Havel Airport Prague. “The potential when it comes to Russian buyers remains huge. Only one must persuade the Russians to buy real estate in the Czech Republic, rather than in Spain, for instance,” said Khlebnikov. 

Jiří Šimáně, one of the richest Czechs, invested approaching half a billion crowns in creating the Albatross Golf Resort. Its course this year became the first Czech golf facility to obtain a ranking among 19 other courses in the exclusive European best golfing localities club known as the European Tour Destination.

 
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