31.05.2016, 11:16
Peach Property Group Reports Progress at Wollerau Project
OREANDA-NEWS. Peach Property Group, an investor specialising in portfolio management in Germany with a focus on residential property and selected development projects, today announced the achievement of key milestones at its "Wollerau Park" project near Zurich. Apartments worth CHF 40 million have already been reserved or notarised and therefore construction was started. The sales or reservations represent more than 45 percent of the expected sales volume of just under CHF 87 million, thus clearly exceeding the pre-sales rate. After completing the project and repaying liabilities related to it, the Group expects a cash return of CHF 30 million.
The project is divided into two sections, "Wollerau Lofts" and "Wollerau Residenzen". The park-like development on a land area of more than 10,800 sqm is scheduled to be completed by early 2018. In total, 46 high-quality condominiums will be built. "Wollerau Park" is located in one of the most tax-friendly communities in Switzerland, in direct vicinity to Zurich. Further project information as well as a list with available apartment can be found at www.wollerau-park.ch.
"The success of the "Wollerau Park" concept as well as the very positive response of our customers underlines that we truly met a market demand with this development" says Dr. Andreas Steinbauer, Head of Sales and Marketing at Peach Property Group.
The project was officially approved by the authorities in March 2015. After a successful pre-sale process, construction has now been initiated. The existing buildings are currently being dismantled - with construction of the new buildings to begin immediately thereafter. For this purpose, an agreement with a leading Swiss construction company was signed, which ensures certainty in terms of planning, execution and costs for this project.
Dr. Thomas Wolfensberger, CEO of Peach Property Group AG, said: "We are very pleased about the progress made with our project in Wollerau, which we expect to generate a substantial payback. With construction having commenced now, we are well on track."
The project is divided into two sections, "Wollerau Lofts" and "Wollerau Residenzen". The park-like development on a land area of more than 10,800 sqm is scheduled to be completed by early 2018. In total, 46 high-quality condominiums will be built. "Wollerau Park" is located in one of the most tax-friendly communities in Switzerland, in direct vicinity to Zurich. Further project information as well as a list with available apartment can be found at www.wollerau-park.ch.
"The success of the "Wollerau Park" concept as well as the very positive response of our customers underlines that we truly met a market demand with this development" says Dr. Andreas Steinbauer, Head of Sales and Marketing at Peach Property Group.
The project was officially approved by the authorities in March 2015. After a successful pre-sale process, construction has now been initiated. The existing buildings are currently being dismantled - with construction of the new buildings to begin immediately thereafter. For this purpose, an agreement with a leading Swiss construction company was signed, which ensures certainty in terms of planning, execution and costs for this project.
Dr. Thomas Wolfensberger, CEO of Peach Property Group AG, said: "We are very pleased about the progress made with our project in Wollerau, which we expect to generate a substantial payback. With construction having commenced now, we are well on track."
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