ECM hit by title problem for City Epoque

Development of City Epoque has hit a snag, as it emerged during the construction permit approval process that the developer ECM doesn’t own all the necessary land. Construction was supposed to start this spring on the 100 meter residential highrise building planned in Pankrac, Prague 4, but some complicated legal issues will now have to be resolved first. Hospodarske noviny writes that the developer could be forced to purchase a piece of land “again”.

Ironically, the true owner of the land turns out to be the state through the Institute for Development. A mistake was allegedly made in the land registry, meaning that the company ECM bought the land from wasn’t the true owner. When the institute realized it owned the land, it offered it to ECM. “They replied horrified that they already own the land,” says Monika Novakova of the Institute for Development.

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