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ContentsDevelopment Summary The Development
Location
Transport and Amenities
Specifications
Resale/Rental Considerations
Other Considerations & Costs
Comparable Information The Buying Process How to Reserve
Exchange of Contracts
Stage Payments
Completion Your Partners The Mortgage Providers
The Solicitors
The Rental/Management Agents Development Summary
The Development and LocationWe have managed to secure a selection of units which have come back on the market in Karlovesko Rameno, a new development by local developers J&T located on the Danube river in the residential area of Karlova Ves.
Having been undisturbed by the spate of Stalinist blocks that grew up on the south side of the river during Slovakia’s communist past, yet only a few kilometres west from Bratislava’s city centre and near highways to Vienna and Prague, Karlova Ves has long been an established and popular middle-income residential area in Bratislava.
Spacious, affordable and with a young and upwardly mobile demographic, the benefits of Karlova Ves has not been lost on developers or foreign investors. Hyundai Kia is the main foreign corporation in the area and two foreign language schools service the education demands for corporate employees. Meanwhile, new developments have been springing up for young professionals or growing families who either identify with Karlova Ves as their home or see it as the best location for its close proximity to road links and Bratislava’s city centre.
Of these developments Karlovesko Rameno stands out in location, price and quality as being the best investment in Karlova Ves. Built by J&T, the finance house and real estate developer who are building both 5 star Kempinski hotels in Slovakia and the upcoming River Park mixed-use development, Karlovesko Rameno will be the first new residential development on the River Danube.
The importance of river side developments as an investment opportunity in Bratislava’s medium and long-term term future cannot be overstated. However, the introduction of foreign developers, mixed-use schemes and commercial interests means that rising prices will put the squeeze on profitability on investments along the Danube in the very near future.
Karlovesko Rameno represents an exciting opportunity to buy into a river side development of top specification at prices that do not yet reflect the approaching desirability of this location by both foreign and local businesses and residential buyers.
Development Location Map
Transport and Distances
• Nearest Bus stop: 200m
• Main Railway Station: 5 km
• Bratislava City Centre: 4 km
• Presidential Palace: 4 km
• Old Town: 3 km
• Main Highway to Vienna and Prague: 1 km
Amenities
• Passenger lifts to all floors including underground parking
• Controlled access to underground parking
• Storage space
Peace of mind
• All apartments benefit from a 2 year builders warranty
Specifications
• Walls: 20cm concrete, isolated façade: 10cm mineral wool
• Windows: aluminium frame with external electric aluminium sun shades
• Entrance doors: wooden safety doors
• Interior doors: wooden
• Floor: kitchen, toilet, hall, bathroom – tiled
• Rooms: wooden parquet
• Heating: central heating
• Garage doors: electric
• Stairways & Corridors: granite stone
• Interior banister: stainless steel
• Exterior banister: stainless steel with glass
• Bathroom: fully fitted including sink, taps etc
Development Images
Resale Considerations
This development is almost entirely sold out and the majority of buyers are Slovak who are normally owner occupiers. The only competing riverfront schemes in the area complete years later therefore as a buy to sell investment, you face little competition. When the new schemes on the river commence, values in Karlovske Rameno should be pushed up.
Rental Potential and Value
We have spoken with Lexxus, the largest rental and management agent in Slovakia who have confirmed that the rental value for a standard 2 bed apartment in this development should be approx 35 000 SKK/month. After furnishing and garage costs, a yield of 8% is very feasible.
Other considerations and Costs
In Slovakia fitted kitchens are not included in new developments and you should expect to pay approximately €4000 for a good quality kitchen including all white goods.
Secure underground garages are available for purchase at approximately 370 000 SKK (inc VAT) and we would advise all our investors to purchase underground parking as this will be important for your target rental market here.
Comparable Information
Karloveske Rameno will be the first new development to complete on the river in central Bratislava. The second development to complete on the river should be the long awaited River Park development by the same developer which should complete in approximately two years time followed by Ballymore’s Eurovea development.
You will be buying into Karloveske Rameno at prices starting at around 55 000 SKK/m2 compared to expected starting values at River Park and Eurovea of 80 000 SKK/m2 and 100 000 SKK/m2 respectively.
The Buying Process
Buying in Slovakia as a foreigner is a relatively straightforward process and we have lined up all the relevant parties to make the process as smooth as possible for you.
How to Reserve
When you are ready to reserve your unit email us at info@slovakinvestments.com with your prefered unit as soon as possible and we will respond with a reservation form if that unit is still available. After your reservation form is recieved, you will have 14 days to sign the preliminary contract during which time your solicitor will translate and check through your contract to make sure all is in order and the terms are good. We will also put you in touch with our recommended mortgage broker who can obtain a mortgage pre-approval based on your creditworthiness.
Exchange of Contracts
Once your solicitor is satisfied with the contract, you or your power of attorney will sign it (within 14 days of reservation) and you will then have to pay your deposit of 30%.
Stage Payments
30% Upon signing the preliminary contract
30% After core construction is completed (due now unless J&T financing option is taken to cover the remaining 70% - at a cost of 5%)
30% 6 months after core completion
10% at completion ( approx August 2006)
Completion
Upon completion, the final contract is signed and the property ownership is transferred to you and registered in your name.
Your Partners The Mortgage Providers
We have a very good relationship with this company who have agreed to assist our clients in obtaining mortgage finance at a competitive rate.
Miroslava Mitkova
Hypocentrum
Laurinska 18
81101 Bratislava
Slovakia
Email: mitkova@hypocentrum.sk
Tel: +421 2 5720 6181
Fax: +421 2 5720 6180 The Solicitors
Slovak Investment’s clients have used our recommended English speaking solicitor on many occasions in the past. He knows this development well and has agreed very competative rates for our clients.
JUDr. Ing. Robert Krizan
Presovska 39
821 09 Bratislava
Slovakia
Email: robertkrizan@slovanet.sk
Tel/fax: +421 2 555 606 86
Mobile: +421 907 776 744 The Rental/Management Agent
We have already discussed the rental potential of these units with the largest agent in Bratislava and closer to the time of completion Slovak Investments will assist you by recommending other rental and management agents that we have used in the past.
Contact Us
If you wish to discuss or reserve a unit please contact us. Let us know your preferred unit and we will respond with a reservation form and instructions to proceed.
Email: info@slovakinvestments.com
Tel: +44 (0) 207 193 4906 DisclaimerPlease note that this document is for the use of the addressee only and that recipients are required to keep the contents of the information confidential and may not copy it distribute it or otherwise make it available to third parties without the written consent of an employee of Slovak Investments.
To the best of the knowledge of any employee or person connected with Slovak Investments whilst all reasonable care has been taken to ensure that such is the case, the information disclosed in any documentation received by the recipient from Slovak Investments is based upon Slovak Investments' or an employee or person connected with Slovak Investments' assessment and interpretation and that the investor must make their own enquiries.
No representations are given that any statements, views, projections or forecasts are specific to any particular property and are only a general reflection of the property market as such. Investors must determine for themselves what reliance they should place on such information.
Development and Developer
The role of Slovak Investments in this deal is merely to show the development to you the ‘investor’ and negotiate favourable terms from the developer for you. All plans, pictures, specifications and particulars given to you by us are believed by us to be correct but are intended as a guide only. They therefore form no part of any solicitation or offer and the investor should satisfy himself by obtaining relevant information directly from the developer. The investor should deal with all such matters in their legal contract with the developer.
Third Parties We Recommend
We do recommend third party solicitors, mortgage lenders, advisors and other parties whom we deem to provide quality service at good value, however Slovak Investments makes no warranty and assumes no responsibility or liability in this regard and you must make arrangements with such parties at your sole risk and discretion.
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