Orco to resume Warsaw apartment project Zlota 44 in January 2011

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Date: 2010-12-08 09:43

Real-estate developer Orco Property Group wants to resume the construction of the Warsaw apartment building Zlota 44 in January 2011. The company has picked the consortium of Italian Inso / Consorzio Cooperative Costruzioni as the general contractor for the project, the firm has announced in a communique.

"The consortium has been chosen in a tender, carried out in recent weeks by the investor. Quick selection of general contractor means that the work on the Zlota 44 are due to start in January 2011. It gives a chance to complete the facade before Euro 2012. The general contractor has already started preparations to undertake the work," the release reads.

"We are all comitted to meet the deadline. Therefore, one of the key issues during selecting a general contractor of our investment was the pace of work "- said founder and CEO of Orco Jean Francois Ott, quoted in the release.

Consorzio Cooperative Costruzioni is one of the biggest construction companies in Italy. Among projects realized by the company are Business Centre in Point de Simon (Martinique), Court Building in Florence, as well as E-Towers in Milan and restoration of the opera house La Scala in Milan.

In Q1-3/2010, the company posted net profit of EUR 241.94 mn compared with EUR 201.22 mn loss a year earlier, on sales of EUR 228.24 mn vs. EUR 186.84 mn, respectively.