Finnish construction company YIT has commenced the first phase of a significant housing project in Kladno, the Czech Republic, following an agreement with the local housing cooperative BD Portti Kladno.
This initial phase involves the construction of 85 communal housing apartments, which will be offered for sale to cooperative members.
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The project marks YIT’s inaugural residential development in the city and is valued at approximately €18m ($18.6m), with the contract set to be recorded by YIT in the first quarter of 2025.
Situated close to Prague’s centre, the Kladno site will encompass nearly 200 apartments constructed over two phases.
The project’s total area is approximately 10,700m² and will feature four separate apartment buildings.
YIT’s development plan includes transforming a former industrial zone into a residential area, complete with green spaces and utilising modern prefabrication technology.
The second phase of the project will see YIT constructing apartments to be sold on the open market, with premarketing activities already underway.
YIT CEE and Baltics head Tom Sandvik said: “We are expanding towards wider coverage of the Czech housing market in accordance with YIT’s strategy and to support the growth objectives of the strategy period.
“The city of Kladno offers good train connections to Prague, and a new express train line that is under planning will improve the transport connections even further. In the coming years, a larger development with 800 apartments is planned for Kladno.”
YIT secured a planning reservation last month from the Business and Competitiveness Subcommittee of the Espoo City Board in Finland, aimed at developing an area north of the Leppävaara centre.
