Orco has received a planning permission for the Zlota skyscraper with 251 apartments in Warsaw and therefore the construction of the tower should start at the end of 2007 with an expected completion by 2009.
Our view:
In general, it has been expected that Orco receives the planning permission for the tower, which should become Orco’s residential flagship. Therefore, we see the news as positive but with limited impact on the stock price.