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Post by marie on May 10, 2007 13:46:59 GMT 1
LONDON ( - Nanette Real Estate Group NV, a Central and Eastern European residential developer, said it has signed a preliminary agreement to acquire a 15,000 sq metres plot in Zagreb, Croatia, for about 62 mln eur.
It said it will build about 580 apartments for the local middle class market, and estimates 45 mln eur in development costs.
The transaction is expected to complete in June, Nanette added in a statement.
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Post by mambo on May 10, 2007 21:26:48 GMT 1
62 million euro for 15000 m2 ?
I knew that the prices for building land were high, but this high ?!
6,2 million euro would sound a hell of a lot better.............although it is still too much.
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Post by irac on May 11, 2007 5:51:20 GMT 1
I wonder is the 62million for the entire project, buying the land, bribing local officials to get permits and then finally building, oh, and bribing HEP officials to turn on the power!
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Post by Carol on May 11, 2007 9:11:58 GMT 1
anyone know what % of the plot is buildable, and how many storeys can be built?
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Charles
Full Member
www.aplaceindalmatia.com
Posts: 75
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Post by Charles on May 11, 2007 9:46:09 GMT 1
from Reuters
10 May 2007, 09:00 AM ET
Nanette Real Estate Group N.V. announced that its first project in Zagreb, Croatia. The company has signed a preliminary agreement via a 100% own Croatian subsidiary to acquire a plot of 15,000 sqm. in Zagreb, Croatia. The total net area of the plot is 36,000 sqm. The Company estimates that it will build 580 apartments to be marketed to the local middle class market. The total estimated development cost is 45 Mil Euros and the sale price is estimated at 62 Mil Euros. Completion of the transaction is expected in June 2007.
The gross revenues will be 62 mill.
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Post by Carol on May 11, 2007 11:36:27 GMT 1
so the all-in development cost is expected to be €1250/m2 and the sale price will be €1722/m2. Is that not within the realms of reasonable, especially as its a capital city?
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