The company of the PSN of billionaire Václav Skala and his son Maximilian Skala is moving from classic apartment building shops to their construction. The company has not yet avoided the reconstruction of apartment buildings, but in the coming years the building will give much more weight.
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“We do not leave the apartment buildings in any case, but at the same time there are not enough of them to buy on the market. That’s why we’ve expanded our business more into development. Because of this, we have strongly strengthened the construction and design team, “said Maximilian Skala.
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In the next five years, the real estate company PSN plans to build around ten billion crowns. The amount includes construction on a plot along the former Transgas on Vinohradská třída in Prague 2.
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The original owner was planning an office building there. However, after the acquisition of the land in April this year, PSN decided to dedicate at least half of the project to housing. In total, it will be about 150 apartments. In terms of volume, nothing will change on the project. Including the acquisition price, the construction on Vinohradská will represent an investment of 2.5 billion crowns.
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PSN has the largest project in Vršovice, Prague. It plans to build 550 flats there on the site of the existing Koh-i-noor patent and zipper factory between Vršovická and Kavkazská streets. If the permitting process runs smoothly, PSN plans to dig into the country for the first time in 2023. The total investment in this case will also be 2.5 billion crowns.
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PSN has other housing projects, for example in Prague’s Nusle, Modřany or Miškovice. Last year, the company also added the City Empiria high-rise building in Pankrác to its portfolio. The company also includes the iconic Dancing House in Prague on the corner of Rašínovo nábřeží and Jiráskova náměstí. On the contrary, they got rid of the Kotva department store.
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In addition to developing existing projects, PSN wants to continue shopping. It has set aside six to ten billion crowns for acquisitions over the next five years. “We want to keep shopping. We are interested in both finished projects and properties intended for reconstruction or land suitable for new construction, not only for housing, “said Maximilian Skala.
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Václav Skala founded PSN as the Prague Real Estate Administration in 1991. At the same time, he also started the Skala Bank House. The bank was taken over by Union banka in 1996 due to its poor financial situation.
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