Category Archives: residential

Crestyl’s DOCK survives flood

The recent flooding in Prague was big on drama, but surprisingly light on damage. People in this part of the world seem to be allergic to admitting that the state has gotten something right, but to a large degree, the flood control measures implemented and built after the horrendous 2002 deluge seem to have done the trick.

That being said, the post-event analysis  will no doubt turn out lots of problems and shortcomings. One of the issues will be that new flood barriers definitely did the business as far as fighting a 2002-style event, but it turns out that each flood is different (shocking, isn’t it?). This time, with the rain advancing quickly from the north, the local creeks accounted for much of the local flood damage that occurred.

By now, most people will have seen the rather depressing aerial pictures of Crestyl’s DOCK project, a view that made things at the ongoing project look grim indeed. These fears seem to have been overblown. Crestyl’s director Omar Koleilat is quite relaxed about sending pictures from the site, and is even inviting us for a visit. Which we’ll of course take him up on. He explains that while there was obviously water in the underground portions of the scheme, the rest of the damage was thankfully quite minimal. We’ll go see for ourselves and report back. For now, you can check out the pictures.

These two shots are from last week, the day after the flood.

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And these shots are from yesterday:


I spy…

These kind of pictures should be used in the foundation design classes taken by civil engineers. Anyone with a construction background seen anything interesting in any of the pictures you’ve seen of the 3nity accident? Like this one above (click to enlarge).

Slovak on-line chatter is wondering about that slab of concrete you can see just hanging there, suspended in mid-air it seems by a steel webbing. They would have expected to see steel rods sticking out of the remaining wall, if it was reinforced steel. And if it wasn’t, investigators will probably be asking if it should have been. Any thoughts from construction people?

On or off-record by email to editor at cijjournal com.

Roof collapse in Bratislava at Trinity

The developer Vara Group is going through a real-life nightmare in Bratislava after a roof collapsed over what’s believed to have been the wellness center and garages of its residential complex Trinity. First of all, the most important thing is that no one seems to have been injured. We wouldn’t want to speculate on the impact this will have on the project itself. But you have to feel badly for the customers who’d already moved into the first of the three towers, since they were forced to leave their new homes.

The first phase  was completed at the end of last year and work was underway on the second, including the portion of the roof that collapsed. This being the age of the Internet, there’s no shortage of amateur/enthusiast pictures out there documenting not only what the situation looks like now, but from before, when construction was underway. Chat room discussions suggest that the portion where the collapse took place was the last part of the roof to have been installed, and that small trees had been planted on top of it.

The usual passing of the hot potato is surely in action now. There are already suspicions being voiced that the investor was trying to save money, accusations of poor foundation design will no doubt be made, and calls for greater supervision of construction work can’t be far off. It’s impossible to know precisely who is to blame for the accident. The fact is that despite the best work of civil engineers, the power of the Danube stretches beyond its banks, but if builders in Bucharest have to worry about earthquakes, surely solutions for a high underground water table can be found as well. Again, this is all speculation, fed by the vacuum of official information. But persuasive answers will have to be given and solutions implemented, as this kind of event will impact on even the safest of projects under perfect management.

Here’s a Slovak news link. And another. And pictures.

USA: Rent-to-price ratio back to pre-bubble era

You actually begin to hear some commentators saying that the US economy in 2013 could start looking a bit more positive. It’s usually random statistics that start falling into line that eventually come together to make a sunnier-looking jigsaw puzzle. So here’s hoping that news of the rent to price ratio of homes in the United States returning to pre-bubble era values is one of those pieces falling into place. (This basically means that the cash a home could produce through rent is now roughly in line with its market price).  Only trouble is that the economist Richard Koo (Nomura) who produced the research thinks that poor policy decisions could send prices still lower. Still, you take your optimism where you can get it these days. The crisis began, arguably, with the US resi sector. It’s as good a place as any to look for the end of the tunnel. (more at FT Alphaville here) (Q&A with Koo in the Economist here)

Finep bullish with British Quarter resi scheme

Finep has started sales of 67 flats in the third phase of its Prague 13 project British Quarter before even completing construction work on the second phase of the project. Prices begin at CZK 2.3m for units that begin at 45 sqm, ranging to as large as 118 sqm. “Since the start of the first phase in 2008 we have offered our clients 443 units, 80 percent of which have been sold and 67 percent completed,” says Michal Kocián, chairman of the board in Finep Holding.

Court throws out permit for ECM Pankrac scheme

Chalk one up for the activist groups. A court in Prague has stripped ECM’s scheme City Epoque of its urban planning permit thanks to a suit brought by local residents. The ruling is unlikely to please creditors of the company, whose huge debts forced it into bankruptcy. The V-shaped building was supposed to house 126 apartments, along with some penthouses that would have their own swimming pools. Like every single other project that’s ever been built in Pankrac, it’s been dogged by persistent local activists.

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News (PL): TriGranit, Neocity, Adgar

Adgar prepares office plot
Adgar Group acquired an 8,000 sqm plot for its new investment at Aleja Prymasa Tysiąclecia in the Wola district of Warsaw. The precise plans are at the moment unknown, but Eyal Litwin, vice-chairman of Adgar, revealed that the company intends to deliver further office projects. Until now, Adgar’s biggest project projects (Adgar Plaza, Adgar Business Centre, Adgar Business Centre II) have been built in Mokotów.

Neocity starts with the new scheme
Neovillage estate Neocty’s second investment in Warsaw. The five apartment buildings will offer 148 residential units in the Ursus district. The company is currently waiting to receive a construction permit for the project.

13 new stores in Silesia City Centre
TriGranit’s scheme Silesia City Center has announced a baker’s dozen of new tenants who will inhabit the mall when it opens this fall. The 13 brands are Lacoste, La Promessa, Harpers, Shoes, Rolex, Clarks, Guess Footwear, Stradivarius, Massimo Dutti, Furla, Home&You, Claire’s, Lindex and the travel company TUI.