First 150 flats in West 65 ready for moving in - PSP Farman in July to continue construction of complex in Novi Beograd worth EUR 170 mil

PSP Farman Holding has officially celebrated the completion of the first construction on residential and commercial complex West 65 in New Belgrade. Three buildings with 150 apartments and 19 outlets and the current value of the works totals some EUR 12.5 mil, while the entire complex will be cost EUR 170 mil. As we have found out, the end of July should see the investor beginning works on two new facilities.

- It is planned to build the entire complex in two phases. We have now completed the first stage, i.e. three blocks with a total of 150 apartments and 19 outlets out of a total of 11 blocks as implied for the first phase. When all facilities are completed, there will 512 flats and 66 outlets. Apart from that a part of an underground garage has been finished, and after the completion of the complex there will be 1,300 parking spaces. In late July, we are continuing the first stage of work, i.e. two more buildings with 100 apartments and construction of other facilities. The first stage should end in the next two years - Branko Trkulja, CEO of Farley Investors, a company within PSP Farman, which is in charge of the project, says in his interview for eKapija.

Investors are very satisfied with the interest of customer since they have sold 80% of the flats so far. The square meter price totals some EUR 2,000 with VAT included.

- Sales results are extraordinary considering overall economy and standard of living. We thought there would be more interest in smaller flats, but it turned out that three-room flats are the most wanted which means there will be a lot of families here. Thirty percent of people moving in these days have pets so the whole complex will be happier. We sold 120 flats in a part which has been built so far. Perhaps apartments in this complex are more expensive than in other buildings, but the price revelas comfort, new technology and a high standard of construction – Trkulja points out.

Our interlocutor points out geothermal heat pumps which cool the entire complex and heat it in the, with energy savings of up to 30%.

- In this area there are geothermal waters, so we dug wells and found water on the 29th meter.

According to announcements of investors, West 65 should become the new center of New Belgrade.

- The environment created within 11 blades, is mapped center of the old part of Belgrade. The spirit of the old town will reflect in the alleys between buildings, pedestrian zone with a small square, a variety of bars, cafes and restaurants. When it comes to facilities, they are not built at a right angle as expected in New Belgrade.

The construction of a tower 146 meters high with business space and hotel suites is planned at the corner of the Omladinskih brigada street and the route of the internal ring road.

- We are building a complex within which residents would have access to different facilities. In the second construction stage of West 65, a shopping center, with a big wellness center with a swimming pool, a hypermarket and thirty retail outlets with the highest quality goods are planned. After that, the construction of a business - hotel towers is planned. The whole complex will occupy 152,000 m2, 46,000 m2 below the ground, at two levels. A total of EUR 170 mil will be poured so West 65 will be the most valuable project of this type in the region – Trkulja notes.

The construction has now been funded by the company, and one part is provided by project funding at Hypo Alpe Adria Bank and Intesa.

The interlocutor of ekapija says they are negotiating for several projects in the region, but before they come to actual answers, he cannot specify them, adding that the construction of the Marriott in Belgrade is certain immediately after obtaining a construction permit.

S.O.