SZDC suing Amadeus to invalidate Prague 6 land deal

SZDC suing Amadeus to invalidate Prague 6 land deal

Published at: 2019-06-19 10:00 | Author: CIJEurope.com
The state company SZDC that maintains the Czech railway system is suing the developer Amadeus to regain control of a 24,000 sqm plot of land in Prague 6 it sold the developer an option to in February 2018. However, the SZDC director who signed the contract with Amadeus was then fired and the company's new management considers it to be invalid. The value of the land, which Lidove noviny reports could be used for residential, retail and office developments, is huge, thanks to plans by the city of Prague to build a station along the new rail connection to the airport and to the town of Kladno. Amadeus has pledged to pay market value for the land, at the latest by the year 2030 but SZDC apparently believes it could earn more by making developers compete for it.

Similar Stories:

Resi towers in Prague 3 endanger Prague's UNESCO status
Central Group's residential project in Prague 3 could get the city of Prague struck f  »
First phase of Cordia Romania's Parcului20 scheme 30% sold
Cordia Romania, Futureal Group's residential development division, has sold 30 percen  »
Golden Group building new residential complex in Tivat
Golden Group will build a new residential complex along the Montenegrin coast in Tivat in  »
Hungarigan housing prices up by 11.3% in Q1
House prices in Hungary increased by 11.3 percent y-o-y in the first three months of 2019,  »
Where do you see your company going over the next two years? Since I became GM of the co   »
Construction has begun on Bispevika, a brownfield project along Oslo’s waterfront that   »
PSN has sold 350,000 sqm of land to the dominant Czech residential developer Central Group   »
Investors from China, Russia and other countries are leading a growing influx of foreign f   »