| Peach Property Group Ltd reaches milestone in Hamburg |
| 09.12.11 07:31 | |
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Peach Property Group Ltd reaches milestone in Hamburg: construction start of remaining 50 apartments at Harvestehuder Weg 36 • An advance sales rate of 41% achieved for the second stage of construction • Start of construction for the remaining 50 of 63 apartments at the beginning of 2012 • The overall project represents total sales volume of CHF 105.7 million (EUR 84.7 million) • Deeds to the value of CHF 14.3 million (EUR 11.4 million) in four weeks Zurich, 9 December 2011 – The Peach Property Group, one of the leading developers of top-quality residential property in the German-speaking part of Europe, has achieved an advance sales rate of 41% for the second stage of construction of the Harvestehuder Weg 36 (H36) real estate project on the Outer Alster in Hamburg. In the past four weeks alone, the deeds have been drawn up for apartments worth a total value of CHF 14.3 million (EUR 11.4 million), thereby increasing the initial registration level by 16% in only a short time. With that, construction of the last three Alster villas will be launched at the beginning of 2012 with 50 exclusive apartments; the interiors are now being implemented in the 13 apartments built during the first stage of construction which will be ready for occupation as early as spring 2012. The total sales volume for the entire project amount to CHF 105.7 million. The Harvestehuder Weg 36 project offers 8,929 m2 of living space. The 63 apartments, ranging in size from 80 to 340 m2, are located in five four-storey villas. Sales prices begin at EUR 7,500/m2. A private fitness and spa area, 125 garage spaces, ceiling heights of more than 3 metres and exclusive interiors as well as the high level of architectural quality and exclusive location directly adjacent to the parkland of the Outer Alster provide the properties with their unique character. Dr Thomas Wolfensberger, CEO of Peach Property Group Ltd, states that, “With the start of construction of the last 50 apartments in Hamburg, the Peach Property Group has reached an important milestone. The success of the project consolidates our profile as one of the leading developers of luxury residential property. The two building stages in Hamburg will account for a significant proportion of the cash flows of approximately CHF 80 million expected by the end of 2013.” According to an independent study, the Peach Property Group is the second biggest developer of luxury properties in Germany. On 24 November, the foundation stone was laid for the “yoo berlin” project, a luxury property in a unique location on the banks of the River Spree in the Berlin Mitte district. Together with the designer Philippe Starck, the company is developing a total of 87 top quality owner-occupied apartments. Two weeks earlier, the topping out ceremony was held in Kappl, near Ischgl, for the Schooren des Alpes lifestyle property project with its 12 exclusive residential units. The Group’s most extensive project at present is the “Peninsula” development, a 30,000 m2 site on the shores of Lake Zurich. |
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