STA, 2 October - Slovak developer Corwin is planning to build a housing estate in the Ljubljana borough of Šiška. Construction works on what is a EUR 45 million investment are expected to be launched in the first half of 2020 and the first residents could move in at the end of 2022.
The Kvartet housing estate will be built by Šiška Rezidence, a Slovenian company owned by Corwin, near another larger housing estate, Celovški Dvori.
The location of Celovški Dvori estate, which is near the planned development
It will feature four 16-storey towers with a total of 221 flats, as well as areas for some 500 bicycles and an underground car park for some 300 vehicles.
Playgrounds for children and a socialising area for residents are also planned in the green areas around the buildings, Corwin said in a release on Wednesday.
Roman Karabelli, director of Corwin's Slovenian subsidiary Corwin SI, sees Kvartet as a major investment to revitalise what used to be an industrial area near a new large shopping centre planned by retailer Spar.
Kvartet will feature one-, two-, three- and four-room apartments, 33 apartments will be made to suit older people or the disabled, and all residents will have a view of the Alps.
Kvartet has been designed by Ljubljana's architecture studio Ofis Arhitekti, with which Corwin cooperated already on an office and housing complex in Slovakia's Bratislava.
The Slovak developer is now waiting to be granted a building permit, which it expects in the first half of next year.
Corwin bought the 7,000-square-metre plot in Ljubljana in March 2018 from Slovenia's bad bank, where it ended as part of a bankruptcy estate of builder GPG Inženiring.
The asking price was EUR 2.7 million, while the final price was not disclosed, but Corwin says the investment is worth more than EUR 45 million.
It will be financed with own capital and a loan. "We're already discussing financing with some banks in Slovenia," Karabelli told the newspaper Delo today.
Together with the plot, Corwin also acquired GPG Inženiring's plans for a residential development with 180 flats, but eventually changed it considerably.
Karabelli told Delo the company was already looking for new plots and was planning at least one to two new projects in Slovenia.
"We trust in the Ljubljana property market and we believe we have something to offer," said Karabelli, noting the company has rich experience, having built more than 2,000 flats in ten years.
According to Delo, Corwin was set up slightly more than ten years ago and is a leading developer in Slovakia.