Immofinanz lays cornerstone for Oak Terraces stage three

Immofinanz Group officially started today works on the third phase of the Oak Terraces (“Dębowe Tarasy”) residential estate in Katowice with a cornerstone laying ceremony. This is the first own housing project of the company in Poland. The total investment amounts to EUR 21,7 million.

© Immofinanz Group; Oak Terraces phase III
© Immofinanz Group; visualization of the Oak Terraces phase III

“The Silesia region is, after Moscow, the most important region for our investments. The success of Oak Terraces phase I and II combined with the rising demand for upmarket middle class apartments encouraged us to further extend our prestigious project and to enter the Polish residential market as a developer” – commented Daniel Riedl, Member of the Executive Board of Immofinanz Group. “The starting conditions for Oak Terraces III are perfect. In December 2011 we fully acquired the remaining 30% stake from our former joint venture partner TriGranit. We have a valid building permit, the financing is secured and we completed the pre-sales phase with reservations for 21% of the planned space, that stands for 70 apartments” – Riedl explained.

Development activities will be carried out by Buwog International, a subsidiary of Immofinanz Group, specialized on residential development projects. The building company of Skobud from Żywiec, Poland, will be responsible for the construction work as a prime contractor of the undertaking. The contract between parties was signed yesterday.

“We are going to enter the construction site next week. Completion is scheduled in November 2013. Works will be conducted on all the buildings at the same time. We will use three tower cranes to erect the third stage” – said Stanisław Kaszowski, CEO of Skobud.

The developer will deliver 317 comfortable and functional apartments in three buildings – one with 11 storeys and two with five storeys each. Future residents can choose from one- to four-room apartments with areas ranging from 27 up to 110 sq. meters.

“More than a hundred years ago, a coal mine was established here. Since 1998, when the coal mine was shut down, the terrain has been changing. Both Silesia City Center and Oak Terraces are the great examples of changes in this area and in Katowice” – said Janusz Olesiński, project manager of Oak Terraces. According to Immofinanz, those changes, the growing importance of the City and the sustained demand for apartments in central locations in Katowice, encourages to the extension of the residential estate.

Just like the two earlier phases of the project, the buildings will be equipped with spacious terraces, gardens or balconies, an underground parking garage, lifts and storage rooms. Video surveillance will monitor access to the estate, which will only be possible with a remote control or an access card.

“The design of the Oak Terraces alludes to modern, big-city elegance while its distinguishing feature is the cascade architecture, which provides residents with very good access to sunlight and an excellent view over Katowice. The buildings also have a number of natural, warm and cool elements of finishing” – described Jacek Kuś from the Stabil architectural studio responsible for the project.

At present the realization of Oak Terraces phase IV is planned for 2014, if market conditions remain stable.