13 commercial centers, 16 office buildings, 26 residential projects and a hotel - this is a list of projects which the company Echo Investment intends to realize in years 2010-2015. The total area of these planned project equals approximately 1,2 million square meters and planned expenditures for their realization exceed 5 milliard PLN. The company’s plans assume active development in all sectors of previous activity and consolidation of its position on Polish real property market.
According to Piotr Gromniak, president of the Management Board of Echo Investment, the main target of the company is securing a long-term growth of its value. „The company intends to reach this aim by further extending and raising of quality of commercial properties’ portfolio - offices and commercial centers – intended for lease. Developer’s activity on the residential project’s market and increasing of involvement in this real estate sector shall be equally important”.
The company, concentrating on the Polish market, shall also develop in countries of Middle and Eastern Europe. At present Echo Investment owns investment sites for construction of commercial centers in Budapest and in Brasov, Romania and also a property in Kiev, where an office park shall be erected. The capital of Ukraine seems at present the most promising market with the biggest potential for the sector of commercial real estate.
In years 2010-2014 Echo plans to begin 15 office project of the total leasable area of approximately 260.000 square meters. In years 2010-2015 19 projects shall be handed over for use (the accomplishment of 4 of them - in Cracow, Szczecin, Poznan and Warsaw - is just coming to an end) of the total area of approximately 310.000 sq. m.
New office buildings shall be erected in Warsaw, Cracow, Poznan, Wrocław, Gdańsk, Szczecin, Łódź, Katowice and Kiev.
In 2010 realization of 2 office projects shall begin (Malta Office Park IIIrd phase in Poznan and Aurus Ist phase in Łódź) of the total leasable area equaling approximately 16.100 square meters. In that time 4 projects shall be handed over for use (Malta Office IInd phase, Park Postępu in Warsaw, Avatar in Cracow and Oxygen in Szczecin) of the total area of approximately 41.600 sq. m.
In the pipeline there is realization of Novotel hotel in Łódź for the Orbis Group (approximately 7.000 sq. m.). The commencement of the construction is planned in 2010 and its conclusion – in 2012.
Until 2015 Echo plans to accomplish 13 commercial project of the area equaling approximately 415.000 square meters. 11 of them shall be constructed in Poland: in Słupsk, Szczecin, Koszalin, Poznan, Łomża, Bełchatów, Wrocław, Kalisz, Jelenia Góra, Katowice and Kielce and 2 shall be erected abroad: in Budapest and in Brasov, Romania.
At present the extension of Galeria Echo in Kielce is in progress, which shall in its final shape have 68.000 square meters of leasable area. Moreover in 2010 the construction of Astra commercial center in Szczecin shall be launched, of the area of 17.000 sq. m.
In 2011 the commencement of two foreign projects is planned: Mundo in Budapest ( 35.700 sq. m.) and Korona in Brasov (38.900 sq. m.). Both projects shall be finished in 2013.
In years 2010-2013 the company plans to launch 25 residential projects containing 2.200 apartments of the total area of approximately 150.000 square meters of usable-residential area and 229 plots for single-family houses of the area of 226.800 sq. m. Projects shall be realized in Warsaw, Cracow, Poznan, Wrocław, Łódź and Kielce.
Already in 2010 the realization of 11 residential projects shall begin and the offer shall comprise almost 800 apartments (of the total area for sale of approximately 60.000 sq. m. ) and 130 plots with awarded building permits.
In years 2011-2013 another 14 residential projects of the total area of 86.000 sq. m. are planned for launching.
Between 2011 and 2015 apartments of the total area exceeding 142.600 square meters shall be handed over for use.
Echo plans purchase of plots for further projects. „All the time we analyse the market with respect to purchase of attractive land plots for realization of apartments, offices, hotels and commercial centers. We are interested in the best locations in towns of the population exceeding 50 thousand inhabitants. Within this year Echo plans to spends 100 million Polish zloty for extension of its bank of land" - said the president Piotr Gromniak.
The company intends to obtain financing of the above-mentioned plans first of all through target credits for its subsidiaries, from current and turnover credits and also through the program of issuance of bonds, which the company has been using since 2004. Echo also plans to sell two office projects and two commercial centers and devote the means obtained this way to finance its planned investment.