Following the news from beginning of the week, when Ministry of Culture approved City Epoque project, (1 623 CZK, -1,40%) presented its City Epoque project on press conference. The total investment is estimated for CZK 2.5bn (EUR c90.5m). The construction should start at the end of 2009 and would be completed at the end of 2010 or early 2011. The project includes residential and hotel towers.
The initial date of completion was 1Q2009. We believe the delay is caused by obstacles concerning needed approvals is already priced by market.