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Developers to divide up Rohanský island

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A number of developers are likely to take part in the development of Rohanský island. Sekyra Group’s Konsorcium Rohan, winner of the tender to buy more than 20 hectares of land, has entered negotiations with other developers concerning cooperation in construction. “We are in the middle of talks with Sekyra Group. I hope we will reach a conclusion this month,” said Serge Borenstein, head of Real Estate Karlin Group (REKG).

Sekyra Group denies the planned cooperation. “To invite partners into the project is only feasible if the city approves of the implementation study. We are currently in the process of putting it together,” said Luděk Sobota, chairman of the Sekyra Group board. Last June, Sekyra announced they will invest CZK 15 billion in Rohanský island. Banks, however, have introduced stricter finance rules since then.

According to Borenstein, the developers are discussing projects that each of them could build in separate parts of the island. “It would be premature to state the precise amount of the investment,” Borenstein told E15. According to insight sources, J&T, which ended second in the tender, may also get a share.

According to J&T partner Dušan Palcr, the two companies are not discussing the cooperation at the moment. J&T is waiting to see whether Sekyra will fulfil its commitments. “The winner of the tender is to submit a final study. If he fails in any way, it’s our turn,” said Palcr.

Konsorcium Rohan won in the City Council tender with an offer of CZK 1.7 billion and a Zelený ostrov (Green island) project. The project proposes construction of some 1,200 flats and commercial objects. The project places particular emphasis on relaxation areas and the green. Last year in June Sekyra Group said the first construction might start in 2010. The area should turn into the new city centre by 2018.

Both Real Estate Karlin Group and J&T have their own projects in the close vicinity of the Rohanský island. REKG is planning to launch a predominantly residential project Rivergardens on Rohanské nábřeží this year. J&T is preparing the project Rustonka near Invalidovna, which should become a shopping centre for the whole developing area. “We want to start the construction in spring 2010 so we should be the first in the area,” Palcr said. “The sooner Sekyra launches its Rohanský island project the better for our other Karlín projects,” said Milorad Miškovič, REKG partner.

Sekyra Group has already been preparing the relatively big project for the revitalisation of the Smíchov station with Czech Railways and the revitalisation of former freight train station in Žižkov with Discovery Group. The Bubny train station, obtained by Orco, is another area awaiting development. Kamil Kosman, head of property trade division of Česká spořitelna, said such big projects cannot be financed at once. “The division of the zones of the whole area will depend on the developers,” he said.

A case of another developer being invited to join a project of a large area development took place in Ostrava. The Multi Development company that won the tender for Nová Karolina construction, later invited the loser of the tender Passerinvest to join in. Since Multi Development got into financial trouble last year in autumn, it is only Passerinvest that is currently building in Nová Karolina.

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