11/10/2008

RIVER PARK cheaper by 40 % from today to Christmas

“We reduce prices to respond to the current situation on the market which is not willing, as a result of the financial crisis, to continue to pay for luxury as much as it did a short time ago. People interested in an apartment in RIVER PARK are thus being given a unique, time-limited opportunity to access first-class housing at a one-of-a-kind price,” said Peter Korbacka, partner of J&T Group and chairman of the Board of Directors of J&T REAL ESTATE, a.s. “Although the other developers are expected to take a similar step and attempt to compete through price, we reduce the price while preserving the standards and, therefore, I assume that none of the projects is able to compete with RIVER PARK in term of its location, services and design” he added.

Out of the total of 202 apartments in RIVER PARK, 140 were released for sale at stage one, with more than 65 of them being already sold. Retail premises and offices in this multifunctional project are leased for 90 % and 50 %, respectively.

The reduced prices of apartments start from SKK 60,000/m2 excl. VAT in the shell-and-core standard. The price in the RIVER PARK RESIDENCES, equipment standard, is higher by SKK 17,000/m2, while the client can have his/her apartment completed as he/she wishes it to be, in a standard which includes, for example, BULTHAUP branded kitchens, GAGGENAU kitchen appliances, stone tiles in bathrooms, etc. It is a standard which is not offered by any of the competitive projects. The main competitive advantage of the RIVER PARK project consists in its prominent location with spectacular view. It is the scope of provided services which is unrivalled.  Every owner of apartment in the RIVER PARK complex becomes a member of the RIVER PARK OWNERS CLUB, which gives him/her the right to use the singular set of services and benefits, having again no equal among the projects in Slovakia. (See Appendix for more information). The project will also include the availability of the most varied restaurants, coffee bars, and other gastronomic establishments of renowned brands, which will make it a hot spot for both inhabitants and visitors of Bratislava and bring permanent life to the site.

At stage two, other 63 apartments will be placed on the market, providing its owners with housing with a 24-hour service of a five-star hotel. The sale of these apartments, of which 33 will be in the RIVER HOUSE building and 30 in BLOCK B4, will be announced by the company soon.

,,The sale is expected to raise not only with a decrease in prices, but also with the placement of the most exclusive apartments on the market. Serviced apartments situated right above the Danube river in the RIVER HOUSE building are the biggest attraction and they are what many clients wait for. Considering their location as well as the concept of housing without worries, these real estates will be a singleton not only in Slovakia but also in Central Europe,” added Peter Korbacka.

RIVER PARK is the basis of the future luxury quarter of Bratislava that will include RIVER PARK II and that will neighbor the Old Town and the area surrounding the castle, while being connected with another project of the company, the Zuckermandel.

J&T REAL ESTATE is ranked among the leaders in the real estate development industry in Slovakia. Its past projects comprise the reconstruction of the Crowne Plaza hotel and the subcontractor park near PSA Peugeot in Trnava. It plays a leading role in the development of the High Tatras, which includes the reconstruction of the Therapeutic Center Hviezdoslav into the first five-star hotel in the Tatras, Grandhotel Kempinski Vysoke Tatry. The administrative project portfolio of J&T contains, for example, the Westend Business Park and Tower 115 complexes.

author: Maroš Sykora