YIT has acquired a plot for its first residential project in Poland.
YIT’s Polish unit was established in autumn 2015 to tap into the opportunities provided by the improving living standards in Poland and purchasing power of the close to 40 million population.
The acquired residential plot is located in Warsaw’s Mokotów district. The project has a valid building permit for around 300 apartments with sellable area of close to 18,000 square metres, and it will be executed in three phases. Construction of the first phase comprising over 120 apartments is estimated to start in the second quarter of 2016. The plot acquisition is paid in instalments to ensure efficient use of capital.
”Entering Poland is in key role in our strategic target to increase the weight of the CEE countries in our operations. We believe firmly that by combining strong local expertise with the proven model of residential development already implemented in our other CEE units we will succeed also in Poland.
“In the beginning, we will focus on the residential market in Warsaw, but in the longer run we see opportunities also in other cities”, said Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division.
CEE countries represented 11% of YIT’s revenue in 2015.