ALPHA GRISSIN POWER AND ENVIRONMENTAL CONTROL SYSTEMS SA with the distinctive title ALPHA GRISSIN S.A. informs the public that the modern residential and commercial complex "GARDEN RESIDENCE", in Krakow, Poland received distinction as one of the best residential complex in Krakow, in the fifth edition of public voting "Krakow our Home", following a referendum organized by the City of Krakow and Gazeta Krakowska (The Times).
The complex "GARDEN RESIDENCE", whose construction was completed by GRISSIN ALPHA SA in September 2010, received the distinction of the best housing complex of Krakow. The team of architect jury was impressed by the complexity of architecture, including the large-capacity underground garage, the large range of services for our guests, and the excellent designed inside garden.
The investment of ALPHA GRISSIN in Krakow, Poland takes place in on one of the most emerging business areas of Krakow, and was implemented by the ALPHA KRAKOW DEVELOPMENT Spzoo, a 37% subsidiary of ALPHA GRISSIN S.A.
The residential and commercial complex "GARDEN RESIDENCE", whose construction began in early 2008, consists of premises and has a total area of 70,323 sq.m., housing 451 apartments, underground parking and ground 474 positions, and fitness / spa 1.900 m. The complex also has an internal garden area of 7,000 square meters.
The commercial acceptance of our complex in Krakow is very high, despite the fact that the property market begun to recover after the pressure of the past two years just in the last few months. By 31 / 4 about 50% of the apartments had already been sold, the profit of which will be accounted with the signing of final contracts for the sale next month. During 2011-2012 we expect further cash flows from the release of apartments and from accelerate sales.