- All 76 flats by Living 106 sold to private owners
- Completed on time and within budget
Berlin, 25 August 2011 – All of the 76 flats of the project Living 106 on Chausseestrasse 106 in Berlin – all in the upper price segment – have now been sold. In February 2011, Peach Property Group announced the completion, on time and within budget, of Living 106 with a total surface area of 5,300 square metres. The marketing rate for the flats, a portion of which were offered as managed furnished flats, was already over 90% at this time. The topping-out ceremony for the development project, with two extensively renovated existing buildings and two new buildings, took place in autumn 2009. With this, Peach Property Group, a leading developer of top-quality residential property in German-speaking Europe, has successfully completed its first development project in Germany and registered all the flats. With the completion of the project, a total return flow of equity capital of approximately EUR 7.5 million comes to the enterprise, of which about EUR 2.5 million are apportioned to 2010 and about EUR 5 million to 2011.
Dr. Thomas Wolfensberger, CEO of Peach Property Group Ltd, commented: “With this outstanding completion of our first Berlin residential building project we have achieved another milestone in the German market. Also with our second project in the capital, yoo berlin, we are right on schedule with the initiated construction and with the attainment of our intended pre-distribution quota.”
Alongside the 22 condominiums and lofts with a surface area of up to 350 square metres, 54 “serviced apartments” with up to 66 square metres were also created on Chausseestrasse 106, as completely furnished modern flats. All the inhabitants have access to the building’s own day spa with sauna and fitness area as well as an underground car park. Bernd Hasse, Managing Director of Peach Property Group in Germany, stated: “The mixture of owner-occupiers and their identification with the area, together with the short-term tenants who are fascinated with Berlin, is what gives the building its charm. Living 106 represents a harmonious building ensemble with old and new buildings as well as an urban mixed form of living. In this, we have shown that the concept with individually owned furnished flats is excellently suited to the selected location.”
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