According to HN daily, ECM’s CITY Epoque project – hotel and residence buildings should be discussed once again at UNESCO meeting in New Zealand in September. However HN daily states that according to unofficial information the problem should be hand back to Prague and solved on national level. In the meantime Czech Ministry of Culture renewed proceeding regarding CITY Epoque project.
Our view: The CITY Epoque project is closely watched as (1 642 CZK, ) is trying to get the building permit according to initial plans, while preservationist movement is trying to make buildings shorter and unlike previous statements the process is getting lengthy and will in our opinion result in delayed delivery. The initial completion date was set for the end of 1Q2009. Nonetheless the crucial point will be if the building permit is granted. reiterates that their confidence to get permit as initially requested mainly based on past experience, when company faced similar, however less media watched disputes. We believe that further delays could be seen negatively by the market.