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Central Europe Construction Review

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Bi-weekly News Briefing Issue No. 17 (19) – Monday, 23 August 2010
Published by PMR Publications

Central Europe Construction Review

A prime source of market intelligence for construction professionals www.ceeconstruction.com

Bulgaria page 2 Slovakia page 14

16.6% fall in May construction output in Bulgaria
163,000 m² of new retail space completed in Q2 2010
Look inside for more news on this category u
Construction output in Slovakia down by 6.6% in June
Increase in rental activity on the Bratislava
office market in Q2 2010
Look inside for more news on this category u

Czech Republic  page 4

Latest construction tenders
Increase in construction output in
the Czech Republic in May announced in Central Europe page 17

Construction work prices decreased by 0.3% in June

Look inside for more news on this category u

Macroeconomic and construction

Hungary page 7
indicators in Central Europe, 2007-
2010 page 19
10.6% reduction in construction output in Hungary in June
Wing announces property development plans
Look inside for more news on this category u

Housing units completed and

construction permits in Central
Poland  page 10 Europe, 2007-2010 page 20

Almost PLN 45bn on road projects since 2008

Payment backlogs in construction up to 90 days
Look inside for more news on this category u

Upcoming events page 21

Romania page 12

Romanian construction output continued

downward trend in June
Construction prices up by 4.4% y-o-y in June
Look inside for more news on this category u

PMR Publications (www.pmrpublications.com) is a division of PMR, a British-American publishing, consulting and

PMR
market research company. PMR Publications provides reliable market intelligence for business professionals interested
in Central and Eastern European countries as well as other emerging markets. Publications by PMR analyse the business
climate in the region, in particular in the construction, retail, IT, telecommunications and pharmaceutical sectors.
PMR Publications offers both free and paid subscription newsletters, internet news portals and in-depth reports.
Monday, 23 August 2010 Central Europe Construction Review – Issue No. 17 (19)

Companies in this issue:

Acciona Infraestructuras page 11 Hungarian State Holding page 8 Reding page 16
Advanced Power page 8 Hypo Real Invest page 5 Samvardhana Motherson Group page 9
Aktor-Vinci page 12 Ikea page 11 Siemens Project Ventures page 8
Audi Hungaria Motor page 8 Interhome Decor page 13 Skanska page 5
Bulgarian Property Developments page 3 Interior Home Commerce page 13 Skanska CS page 6
CBMI page 3 Italcementi page 3 Skanska SK page 16
CR Management page 13 Iuris page 14 South Energia page 8
Develon page 7 KAI Group page 13 Strabag page 3, 6
Devnya Cement page 3 Ke-Viz 21 Epitoipari page 8 Szalok Holding page 9
Doprastav page 14, 15, 16 Kelet Holding page 9 Tauron Polska Energia page 11
E.ON page 8 Market Epito page 8 Thorin page 15
Egri Epito page 9 Metrostav page 6 Tigaz page 8
Ekonomicke stavby page 7 Miskolc Holding page 9 Trace Group Hold page 3
Eszak-Alfoldi Regionalis F MonteAdriano page 12 Vahostav-SK page 14
ejlesztesi Holding page 8 Mostostal Warszawa page 11 Vahostav-SK Zilina page 16
Eurovia page 6 Motherson Sumi Systems page 9 Vasuttechnikai page 8
Eurovia SK Kosice page 15 Multi Development Czech Republic page 6 VGP page 7
Fabryo page 13 OHL ZS page 6 Waberer Holding page 8
Fairplay Commercial page 3 Orex Zalog page 9 Wing page 7
GE Aviation page 9 OTP Real Slovensko page 15 YIT Corporation page 16
Gips AD page 3 Polska Grupa Energetyczna page 11
HH Global Capital page 9 Polskie Skady Budowlane page 10

rents for retail outlets in the centre of Sofia

€55.0 per m² per month, half of their 2005-
2007 levels.

Bulgaria Bulgaria signs €34m

16.6% fall in May construction
output in Bulgaria
Construction production in Bulgaria in June
2010 was 7.5% lower than during the equiva-
lent month of the previous year, according to
preliminary data from the National Statistics
Institute (NSI). A reduction of 1.4% was wit-
nessed in the production of civil engineer-
ing production, while building construction
dropped by 26.2% year on year.
In Q2 2010, an additional 163,000 m²
of retail space were added to the available
stock in Bulgaria, a record number which is
not expected to be repeated in the near fu-
ture. The total amount of retail space in the
country at the end of June 2010 thus became
485,000 m². At the same time, rents stagnated
or continued to fall across the country, with
Construction output growth in Bulgaria (%, y-o-y),
January 2009-June 2010
loan with KfW
The Bulgarian government has contracted a
BGN 67.2m (€34.4m) loan from the German
Bank KfW, Stroitelstvo.info announced, to fi-
nance works necessary to prevent flooding
and landslides in the regions of Ruse, Silistra
and Pomorie. The government has also com-
mitted BGN 18m (€9.2m) in co-financing

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
163,000 m² of new retail -4.3
-8.9 -8.6
-6.1 -5.8
space completed in Q2 2010 -14.5 -14.5
-17.0
-17.5
Large outlets are increasingly dominating -20.2 -19.7
-21.9
-22.7
the retail space rental market, according to -16.6
-25.7
Forton International. Large international
-29.6
chains are among the few retailers to con- -30.7
-33.3
tinue expanding amid the difficult economic
conditions in Bulgaria, with brands such as
Zara and New Yorker searching for more ex-
tensive areas. Source: NSI, 2010 www.pmrpublications.com

 PMR
Central Europe Construction Review – Issue No. 17 (19)
from the state budget. The companies to real-
ise the projects have yet to be selected.
Bulgarian Property
Developments sole owner
of Logistics Park Varna
Bulgarian Property Developments has com-
pleted the acquisition of its stake in its part-
ner, Fairplay Commercial, in Logistics Park
Varna, according to Stroitelstvo.info. Any fur-
ther partnership projects between them will
also be discontinued.
The two property funds, who have cooper-
ated in the development of many properties
around the country since 2006, were una-
ble to reach agreement on the development
of the logistics park, and the matter was tak-
en to court in 2009. According to Fairplay
Commercial, their losses from the failed
partnership came to €7m.
Logistics Park Varna has 120,000 m² of us-
able space and was originally purchased by
the two companies in 2006 for €12m.
Devnya Cement picks
Strabag for modernisations
Devnya Cement, a member of the Italian
group Italcementi, will invest €160m in the
modernisation and expansion of its produc-
A D V E R T I S I N G
PMR
tion facilities, Dnevnik reported. Works worth
€90m will be carried out by the consortium of
the Austrian construction company Strabag
and Chinese CBMI. Construction will begin
in September 2010 and will take 24 months.
After the expansion, Devnya Cement’s facto-
ry will be able to produce 3 million tonnes of
cement per year.
Gorna Malina to build
sports centre
The village of Gorna Malina, 20 km from
the capital, Sofia, has announced a tender
for the construction of a modern sports cen-
tre, according to a Stroitelstvo Gradat report.
The project is expected to cost BGN 5.08m
(€2.6m) and should take 22 months to com-
plete. The project will be funded in part by
the EU and secured by the municipality of
Gorna Malina.
The sports centre will consist of a covered
multipurpose sports field with 670 seats for
spectators. The existing basketball, tennis and
volleyball courts will be fully refurbished.
Trace Group Hold to carry
out regeneration of Lovech
Trace Group Hold has prevailed in the
Lovech council’s tender for the regeneration
Monday, 23 August 2010
of the central parts of the city. The project is
worth BGN 8.09m (€4.14m) and should be
completed within 300 calendar days. It in-
cludes the reconstruction of two main roads,
the renovation of the Bash Bunar city park,
the installation of disabled access facilities
in pedestrian subways and the installation
and repair of traffic lights across the city. The
project is funded in part by the European
Union Regional Development Fund.
Gips AD to build new
factory with EU cash
Gips AD, a manufacturer of cement- and
plaster-based building materials, began the
construction of a BGN 11.3m (€5.78m) new
factory, Monitor announced. The project is co-
financed by the European Union Competition
Development Fund. The capacity of the new
facility is to process 60,000 tonnes of natural
gypsum per year. Construction is to be com-
pleted within 15 months.
n

Monday, 23 August 2010 Central Europe Construction Review – Issue No. 17 (19)

according to the Czech Statistics Office. The

decline in demand for residential space in
2010 against a background of serious eco-
nomic difficulty has forced property develop-
ers to reduce the size of their projects. Before

Czech Republic the economic crisis, developers built about

Increase in construction output
in the Czech Republic in May
Construction output in the Czech Republic
decreased by 4.7% year on year in June, com-
pared to the 0.5% increase reported in May,
according to preliminary data from the Czech
Statistics Office. Building construction out-
put decreased by 5.5% (contribution -3.5 p.p.)
and civil engineering output registered a de-
crease of 3.2% (contribution -1.2 p.p.). The
average registered number of employees in
construction enterprises with 50 or more em-
ployees declined by 3.4% compared with May
2009. Their average monthly nominal wage
increased by 4.3% compared with May 2009,
reaching CZK 27,936 (€1,126).
including 5,702 in multi-family buildings
and 7,809 in single-family houses. Central
Bohemian Region, with 3,348 commissioned
dwellings, led the field, and was followed by
South Moravian Region and Prague region.
Fall in number of started and
completed flats in June
The number of flats started in the Czech
Republic in June 2010 fell by 31.8% in com-
parison with June 2009, to 2,448. The number
completed during the month fell by more
than 70% year on year in June 2010 to 1,539,
300 flats at the first stage of the project, in
contrast to 80 flats today, and banks required
developers to pay deposits of 15% to 20% of
the investment cost of the project in compar-
ison with 40% today.
One of the largest residential complexes in
Prague with a low occupancy rate is Central
Park Praha, where, a year after its official
opening in the autumn of 2009, only 170 of
the 540 flats have been sold. The Czech mort-
gage market, which depends on the condition
of the property market, saw a slight year-on-
year increase of 2.2% in the second quarter
of 2010 to about CZK 22.5bn (€865m). Last
year, the total value of the mortgage market
in the country reached CZK 73.8bn (€2.8bn),
a year-on-year reduction of 39%.

Construction output growth in the Czech Republic (%, y-o-y),

January 2009-June 2010
Construction work prices 3.4 5.9 3.5
2.1
decreased by 0.3% in June 0.5
0.3
0.7 0.6
-1.1
-4.4
In June 2010, construction work prices in the Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Czech Republic decreased by 0.3% year on -11.3 -9.0
-14.3 -4.7
year. Construction material prices increased
by 2.0%.
In comparison with the previous month, -15.3
construction work prices in June decreased -18.3

by 0.1%, whereas construction material input -23.6

-25.6
prices increased by 0.9%.
2009 2010
Source: CSU, 2010 www.pmrpublications.com

14,296 homes started in the

Czech Republic between
January and June
1.0 2.0
The number of home starts in the Czech 0.7 0.6 0.4 0.4 0.3 0.3
0.7
0.2 0.0 -0.1 -0.2 -0.2
Republic within the first four months 2010
came to 14,296 of which 11,955 involved new -1.7
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
construction and 2,341 the improvement of
2010 -3.1 -0.2
existing structures, according to preliminary -3.6
data released by the Czech Statistics Office -4.7
-2.2
-2.9
(CZSO). Almost 3,429 home starts related -5.5
-5.9 -5.8
to dwellings in multi-family buildings, and -6.4 -6.5
the remaining 8,069 were detached houses.
Most home starts were reported in the Praha
Region and in Central Bohemian Region, Construction work price index Construction materials price change
followed by the South Moravian Region.
16,120 flats were completed in the Czech
Source: CSU, 2010 www.pmrpublications.com
Republic between January and June 2010,

 PMR
Central Europe Construction Review – Issue No. 17 (19) Monday, 23 August 2010

Government rejects Senate The Czech commercial Flat prices stabilise in

energy and waterway
construction bill
The Czech government has announced
that it will not support a Senate proposal
to speed up the construction of power sta-
tions and hydro-electric plants in the coun-
try. The Senate proposal contained requests
for the construction of more atomic blocks
at the nuclear plant at Temelin, a dam on
the Elbe river and anti-flood protection
structures. The government argued that the
proposal would lead to its fragmented and
non-transparent involvement in the con-
struction industry. Furthermore, it said that
it was working on a new construction law,
which, in its current form, stipulates that
energy and waterway infrastructure con-
struction does not require a construction
permit or even authorisation from the con-
struction authority, according to the Czech
News Agency, which was quoting a govern-
ment press release. The Senate proposal was
severely criticised by environmental activ-
ists in the country.
real estate sector
boomed in H1 2010
Total investments in commercial proper-
ties in the Czech Republic increased in H1
2010 by some 233% year-on-year to a total
of €215m, according to data from the real es-
tate consultancy DTZ. Most investors who
concluded such deals were from Austria,
according to the same source as cited by
Hospodarske Noviny. A major player on this
market is Austria’s Hypo Real Invest, which
this year signed two major deals in the Czech
Republic and plans a few more before year-
end. While Austria’s profile in the Czech
commercial real estate segment has strength-
ened, German equity funds levelled less in-
fluence over the past half year. In 2008 and
2009 the share of German companies in to-
tal investments in the commercial real es-
tate sector hovered around 40%. In H1 2010
it dove to less than 5%. The large, three-digit
growth in total deal value also stemmed from
the extraordinarily low investment value in
the analogous period of last year.
the Czech Republic
In H1 2010 the prices of flats in the Czech
Republic recorded a marginal decline, of
some 1%-2%, compared with the same peri-
od in 2009 – reflecting a slow recovery of the
segment in parallel with the stabilisation of
prices on the Czech residential market, mag-
azine Stavitel wrote, quoting data from real
estate consultancies. Mid-2010 the average
price of a flat in both new and old segments in
Prague stood at CZK 58,500/m² (€2,340/m2);
with approximately CZK 41,000/m² for an
old flat and CZK 34,600/m² for a new dwell-
ing. Outside Prague, the average price of new
flats was CZK 34,600/m² and CZK 24,450/m²
for second-hand housing.
Skanska planning to begin fifth
stage of Botanica this year
The development division of Skanska has
begun to sell flats in the proposed fifth stage

Number of dwellings completed and started in the Czech Republic, by region, January-May 2010

Liberec Region
Dwellings completed
605
Dwellings started
650
Usti nad Labem Region
Dwellings completed
Hradec Kralove Region
380 Dwellings completed
Dwellings started 989
572 Dwellings started
Prague 694
Dwellings completed
Karlovy Vary Region 3,308 Moravian-Silesian Region
Dwellings started Dwellings completed
Dwellings completed 1,410 Pardubice Region 1,016
375
Dwellings started Dwellings completed Dwellings started
291 484 1,049
Dwellings started Olomouc Region
Central Bohemian Region 579 Dwellings completed
Dwellings completed 790
3,239 Dwellings started
Plzen Region Dwellings started 572
Dwellings completed 3,348 Vysocina Region
840 Dwellings completed Zlin Region
Dwellings started 947 Dwellings completed
1,077 Dwellings started 462
701 Dwellings started
709
South Bohemian Region South Moravian Region
Dwellings completed Dwellings completed
1,012 1,673
Dwellings started Dwellings started
857 1,787

Source: CZSO, 2010

PMR 
Monday, 23 August 2010
of the Rezidencni ctvrt Botanica low-ener-
gy residential complex in Prague 5. The fifth
stage of this project is expected to consist of
a five-floor building, according to a report in
Hospodarske Noviny. The price of the small-
est, one-bedroom, flats in the complex starts
at CZK 1.86m (€70,000), including VAT. The
building which is to be built during the fifth
stage is expected to offer a total of 42 flats
and three penthouses, with a number of bed-
rooms in one of four sizes, ranging from
30 m² to 104 m². The complex also has 26 ga-
rages. The construction of the complex is due
to begin in the last quarter of this year and is
due to be completed in early 2012.
All railway construction in
Czech Republic suspended
On 9 August 2010 Vit Barta, the Czech trans-
port minister, ordered the suspension of all
construction work on railway projects in the
country funded by the Railway Infrastructure
Administration (the SZDC), according to a
ministry spokesman, quoted by the Czech
News Agency. He would not, however, specify
the total number of projects suspended. Barta
said that the main reason for this extraordi-
nary decision was the failure of construction
companies to offer discounts for the work on
these projects. According to Barta, contrac-
tors have offered derisory discounts of about
1%, which are not satisfactory in his opin-
ion. He added that the Czech government is
struggling to inject more efficiency into the
construction industry and to save money at a
time of economic downturn.
The ministry is now expected to invite
the companies to negotiations on the sub-
ject of cutting some of the costs of the work.
According to the SZDC, there are about 15
railway infrastructure projects at various
stages of construction in the country. Most
are part of corridors III and IV, which link
Prague with the western and southern Czech
Republic respectively. The SZDC estimates
that it will invest a combined CZK 84bn
(€3.2bn) in the construction of rail corridors
III and IV by 2016.
51 road construction projects
at risk in the Czech Republic
The Czech Ministry of Transport has an-
nounced that it will make a decision in
August 2010 on the continuation of work on
 PMR
Central Europe Construction Review – Issue No. 17 (19)
road infrastructure projects, according to the
Czech News Agency. Faced with a limited
budget, the ministry is attempting to assess
whether or not it can afford to proceed with
the work.
The shortage of money is endangering 51
road infrastructure construction projects
in total in the country, including the con-
struction of part of the D3 southern motor-
way, several sections of the R6 expressway in
Karlovy Vary, the southern section of the R7
expressway from Ceske Budejovice and sev-
eral sections of the R7 and R49 expressways.
The ministry’s priorities are the reconstruc-
tion of the D1 motorway and the R48 ex-
pressway from Frydek Mistek to the Polish
border, along with the completion of the
Prague bypass.
Construction of Batuv canal
lock in Belov to begin next year
A project on the Batuv canal, which includes
the construction of a lock in the town of
Belov, in Moravia, is expected to start in 2012.
Its completion is now expected to be delayed
for a year. The project is estimated to cost ap-
proximately CZK 182m (€7m). It is hoped
that some of this is will be received from the
State Fund for Road Infrastructure (SFDI),
according to the Czech News Agency, which
was quoting representatives of the Directorate
of Waterways in the Czech Republic.
The project is aimed at, among other things,
connecting the Otrokovice-Rohatec water-
way with the town of Kromeriz. The Batuv
canal is approximately 52 km long and runs
from Otrokovice to Rohatec. The waterways
directorate plans to extend it to the town of
Hodonin, which would bring its total length
to approximately 60 km but did not elaborate
on the timetable of the proposed work.
Foreign builders brought in to
work on Nova Karolina district
The contractors working on the construc-
tion of the new Nova Karolina urban district
in the city of Ostrava are increasingly using
foreign workers in an attempt to cut costs.
Nova Karolina is one of the largest construc-
tion projects in the entire central and eastern
European region and represents an invest-
ment of approximately CZK 15bn (€580m),
according to Casopis Stavebnictvi. Most of
those employed to work on this project are
from Slovakia, Poland, Bulgaria, Romania,
Ukraine, Moldova and Kyrgyzstan, accord-
ing to information gathered by the immigra-
tion service in Ostrava.
Representatives of some of the companies
which are building this complex have said
that the costs of the foreign staff are some-
times half what they would spend on Czech
employees. The company investing in Nova
Karolina is Multi Development Czech
Republic.
Minister stops 15 road works
The Czech Ministry of Transport announced
that it has decided to halt works on a total
of 12 ongoing road infrastructure projects
and to stop three other planned projects,
Hospodarske Noviny reported citing an offi-
cial announcement from the ministry. Four
of the 12 suspended projects were at an ad-
vanced stage of construction, i.e. three class
I roads in the Moravia-Silesia region and one
class I road in Ceske Lipy. The other eight
projects include five expressways such as R35
in Hradec Kralove and R7 in Postoloprt.
The ministry added that it decided to de-
lay the construction of the D8 motorway to
Usti nad Labem and of the motorway D47 at
Bohumin. Transport minister Vit Barta would
not comment on the costs that will potential-
ly have to be incurred to conserve the halted
construction works. The decision to stop the
works was caused by lack of funding.
This year the State Fund for Transport
Infrastructure (SFDI) in the Czech Republic
has seen a more than CZK 3.6bn (€144m)
drop in its budget. Its budget for 2011 is fur-
ther expected to decline by some 35% year-
on-year to CZK 33bn (€.3bn). The total cost
of the 12 suspended projects is estimated at
up to CZK 4bn. Four construction compa-
nies are mainly involved in road infrastruc-
ture works: Skanska CS, Eurovia, Metrostav
and Strabag. They usually team up in con-
sortia to take part in tenders mainly because
individually they lack the equipment needed
for such projects.
OHL ZS to build
railways in Poland
OHL ZS was the first Czech company to se-
cure a large construction order on the Polish
market. The construction company signed
a contract mid-August 2010 for the recon-
Central Europe Construction Review – Issue No. 17 (19)
struction of the railway section between the
stations Gliwice Labedy and the Pyskowice
municipality in the Silesia region, Stavitel
reported. The section to be reconstructed is
4.6 km long.
The project also encompasses repairs of
platforms, rail links and passenger passag-
es. The cost of the project is estimated at over
PLN 29m (€7.3m), including VAT. The con-
struction works are expected to start as early
as August 2010 and to be completed by the
end of November of this year. The project
is being financed by the Polish state railway
company.
Develon to further expand
Prague-Cestlice shopping area
The shopping area in Prague Cestlice is being
expanded, with the developer Develon plan-
ning to build a shopping park worth more
than CZK 800m (€32m), Hospodarske Noviny
reported. The park, christened Cestlice Retail
Park, is envisaged to be erected at the future
exit 8 on motorway D1, according to informa-
tion from the management of Develon. The
construction of the park should take some
two years though the works could be sped up
in response to how the market evolves. In the
Hungary
10.6% reduction in
construction output in
Hungary in June
There was a 19,7% year-on-year reduction
in construction output in Hungary in June
2010, to HUF 171.6bn (€502m), according
to the Hungarian Statistical Office (KSH).
In terms of the main construction
groups, a year-on-year decline of 11.2%
was reported in civil engineering in
May, whereas a reduction of -28.2%
was noted in building construction.
The volume of new orders in June in-
creased by 4.2% in relation to June of the
previous year and was worth HUF 121.7bn
(€436.8m). Orders for new buildings had
decreased in terms of volume by 3.1%, and
PMR
following months Develon plans to apply for
a building permit. Cestlice Retail Park is en-
visaged to have some 26,000 m².
Cestlice is the largest shopping area in
the Czech Republic at the moment, with re-
tail space totalling over 100,000 m². Retailers
Bauhaus, Elektro World, Giga Sport, Kika na-
bytek, Makro and many more have stores here.
Increase in profit and sales for
Ekonomicke stavby last year
The Czech company Ekonomicke stavby,
based in the town of Zruc-Senec, in the
Plzen region, had a consolidated turnover of
CZK 794m (€30m) last year, a year-on-year
increase of 16%.
Ekonomicke stavby specialises in the pro-
duction of brick family houses and operates
in the Czech Republic, Slovakia and Poland.
Last year the company’s pre-tax profit in-
creased by approximately 60% in compari-
son with 2008, but the company would not
release any specific figures. The SITA news
agency, quoting company representatives,
claims that the company also expects posi-
tive economic results in 2010. Its products
are selling mainly because they are a cheaper
alternative to traditional housing.
orders for civil engineering work were up
by 12.4% year on year.
Construction output growth in Hungary (%, y-o-y),
January 2009-June 2010
1.0
Jan Feb Mar Apr May
-13.7
-4.6
-5.8 -7.1 -9.9
-10.6
-11.9
-15.4 -15.7
Source: KSH, 2010
Monday, 23 August 2010
Ekonomicke stavby was set up in 1998 and
sells over 400 turnkey houses on the Czech
market every year.
VGP finished H1 in the black
The developer of logistics projects in the
Czech Republic VGP netted in the first half
of this year some €9.7m (CZK 241m) – an
improvement on the loss of €11.7m incurred
in the same period of last year. The rate of
occupancy in VGP’s logistics complexes in
the Czech Republic reached 96.5% at the
end of H1 2010, Czech News Agency (CTK)
reported.
In the second quarter of this year VGP com-
menced six new logistics buildings, which to-
gether should add to the Czech market some
47,500 m² in logistics space. Currently, VGP’s
stock of logistics space in the country totals
over 546,000 m² in 47 buildings.
VGP also operates in Slovakia, Hungary
and in the Baltic states. One of VGP’s largest
logistics complexes in the Czech Republic is
located in Horni Pocernice near Prague.
n
Wing announces property
development plans
Wing has announced plans to develop
Budapest’s most valuable vacant riverfront
areas, referred to collectively as the Vituki
property, located along the waterfront of
Soroksar and the banks of the Danube river,
15.5
Jun Jul Aug Sep Oct Nov Dec
-1.6 -2.4
-3.7
-14.2 -6.2
-7.1
-19.7
2009 2010
www.pmrpublications.com

Monday, 23 August 2010
adjacent to Ferencvaros in the 9th district. The
initial plans have been accepted by the 9th dis-
trict administration.
The plan will extended to central Budapest
and consists of two projects: the first, known
as Duna Passage, and the second, Duna
City. The preliminary plans stipulate that
the project will involve the construction of
commercial and residential structures. The
former was designed by the British architect
Norman Foster, and the latter by the Dutch
architect Erick van Egeraat. The formerly in-
dustrial area of the city has been continuous-
ly developed and modernised since the end
of the 20th century, beginning with the con-
struction of the Palace of Arts and National
Theatre. Construction work is expected to
begin in 2011, with the first office building to
be completed by 2013.
Market Epito to fund municipal
housing project in flood-
damaged Felsozsolca
Market Epito has announced plans to fi-
nance and build municipal housing units in
Felsozsolca. Felsozsolca was hit by floods in
early June 2010. These damaged 80% of the
homes in the small town. The construction
work began on 4 August and is due to be
completed in just 40 days.
The town received two sites from the gov-
ernment on which Market Epito will build
two residential buildings with four houses
each. The community is also receiving fund-
ing for reconstruction through an agreement
established between Waberer Holding and
the Ministry for National Economic Affairs.
This stipulates that, for Hungarian interna-
tional transport companies which voluntar-
ily join the pact and refuel within Hungary’s
borders, the government will match and do-
nate the amount it collects in excise duty
from this, up to a limit of HUF 2bn (€7m).
NIF expected to announce
new tender for section
of M3 motorway
The NIF has declared the results of the first
two tenders for the construction of the sec-
tion of the M3 motorway between Road No.
49 and Vasarosnameny invalid and is expect-
ed to announce a new tender. The first was an-
nounced in December 2009, and eight offers
were made: by the M3 Kraszna Consortium,
 PMR
Central Europe Construction Review – Issue No. 17 (19)
the BBDA Consortium, Dobrastav, the M3
Euro-Hid Consortium, Swietelsky, the PT
M3 Consortium, Nemzetkozi Vegyepszer
and Sadesa Obras y Servicios. The NIF de-
clared the PT M3 Consortium the winner and
deemed four offers to be invalid: those by the
BBDA Consortium, Swietelsky, Nemzetkozi
Vegyepszer and Sadesa Obras y Servicios.
When its offer was rejected, Nemzetkozi
Vegyepszer petitioned the Public
Procurement Council (the KDP). The
Council fined the NIF HUF 3m (€11,000).
It was forced to re-evaluate the offers and
again declared the PT M3 Consortium the
winner. This time Sadesa Obras y Servicios
petitioned the council. The NIF has now
announced that it will not re-evaluate the
offers a third time but will, instead, an-
nounce a new tender.
Siemens to build new
combined-cycle power
station in Szeged
Siemens Project Ventures has purchased
a 50% stake in South Energia, joining
Advanced Power for the construction of an
environmentally-friendly, fuel and steam
powered combined cycle power station in
Szeged, at a cost of HUF 160bn (€573m).
The power plant will have an output capac-
ity of 880 megawatts. The plans stipulate that
construction work will begin in 2012 and be
completed in 2015. The power station will
be located on the 13 acre site of the Szeged
Industrial and Logistics Park.
The construction of the plant is the 8th joint
project of Siemens and Advanced Power. The
project will use domestic suppliers and will
provide temporary employment for 1,000
people during the construction stage, along
with permanent jobs for another 50 once it
has been completed.
Funding of HUF 4bn for
urban development in the
Northern Plains region
Eight cities in three counties of the Northern
Plains region, Szabolcs-Szatmar-Bereg,
Hajdu-Bihar, and Jasz-Nagykun-Szolnok,
will receive HUF 4bn (€14.4m) of EU fund-
ing for urban development from the National
Development Agency. Infrastructure devel-
opment and renovation constitute the prima-
ry function of the projects.
The first city to receive the funds is
Nagyecsed, which will receive a new mayor’s
office. Local retail facilities will be renovated,
and the city centre will be rebuilt. In addition,
the church will be restored. Construction
work is due to begin in August 2010 and to be
completed in 2011.
Audi to expand factory in Gyor
Audi Hungaria Motor, the Hungarian sub-
sidiary of Audi, has won a public procure-
ment tender announced by the Hungarian
State Holding for the purchase of a 200-acre
property adjacent to its factory in Gyor. Audi
Hungaria Motor paid HUF 5.2bn (€18.6m)
net for the land.
The area was originally intended to be the
site of a logistics park, as part of economic
development plans for the city. Development
plans are currently being modified, and it will
be declared open for development as a result.
The modification process is lengthy, because
the property is bordered by an area which
is part of the EU’s Natura 2000 programme
aimed at preserving national heritage. Audi
has not yet disclosed any plans or informa-
tion pertaining to its intentions toward the
property.
First stage of industrial and
logistics park in Fenyeslitke-
Komoro completed
The construction of an industrial and logistics
park adjacent to Fenyeslitke and Komoro, at
a cost of HUF 3.5bn (€12.5m), is underway,
under the direction of the Eszak-Alfoldi
Regionalis Fejlesztesi Holding, which re-
ceived HUF 1.8bn (€6.5m) of EU and do-
mestic funding for the project. The first
facility, a modern sewage treatment plant,
has been completed by Ke-Viz 21 Epitoipari
at a cost of HUF 107m (€383,000). Ke-Viz
21 Epitoipari is also responsible for the con-
struction of industrial park infrastructure,
including the inner roadways, drinking and
wastewater networks, lighting and pave-
ments. As part of the project, Tigaz will build
gas pipeline networks and E.ON will devel-
op electricity distribution networks, where-
as the inner railway system will be built by
Vasuttechnikai. These stages will reach com-
pletion by late August 2010.
Central Europe Construction Review – Issue No. 17 (19)
Casiopeia Group to
transform Hajogyari Island
into Dream Island
Preliminary plans to transform Budapest’s
Hajogyari Island (part of Obuda Island) have
been released, according to which Dream
Island 2004 will invest in the construction of a
multi-purpose project covering a 500,000 m²
area of the Island.
The project will have entertainment, cul-
tural and tourist attractions, including a
50,000 m², 200-table casino, a convention
centre, a 3,000-room luxury hotel, 1,000
apartments, an opera house with a seating ca-
pacity of 1,500, and a theatre for 3,500 spec-
tators. Additionally, a harbour for 300 boats
and 5,500 parking spaces, a shopping cen-
tre, and a museum with ancient Roman ruins
will also be built. The historic shipyard mon-
ument will be preserved and the investor will
also renovate the infrastructure on and lead-
ing to the island.
The architectural plans were drawn up by
Casiopeia Group and preliminary building
permits have been secured.
New stadium to replace
Debrecen’s Nagyerdei Stadium
The new sports complex Loki Arena, with a
price tag of between HUF 5bn (€18m) and
HUF 10bn (€36m), will be built to replace
the recently demolished Nagyerdei Stadium
in Debrecen, although the location has yet to
be confirmed officially.
The new arena will be smaller in area but
will have a larger seating capacity and a com-
pletely covered spectator area with 15,000
seats. The complex will have a recessed field
and a parking lot for 800 vehicles. The city of
Debrecen expects to receive state funding for
the project.
Liquidation proceedings
against Egerszaloki
Thermal Hotel
A liquidator, Kelet Holding, has been appoint-
ed by the Court to begin proceedings against
the 4-star Saliris Resort Spa and Conference
Hotel in Egerszaloki. Egri Epito, the company
responsible for the construction of the hotel,
initiated the liquidation proceedings in 2008
against the investors, Szalok Holding and HH
Global Capital, because its invoices had not
PMR
been settled on time. The spa was completed
in 2007, whereas the hotel was opened only
a month ago, and the project cost HUF 12bn
(€43m) to complete.
Bosch to expand
factory in Miskolc
Bosch has made an investment of HUF 6.5bn
(€23m) to expand its factory in Miskolc,
which is expected to double its auto parts
manufacturing capacity. Miskolc Holding,
responsible for urban strategic develop-
ment in Miskolc, is contributing HUF 140m
(€500,000) to the project, while HUF 981m
(€3.5m) has been granted through the North
Hungary Operational Programme of the New
Hungary Development Plan. The project is to
be completed in May 2011.
The new factory facility will manufacture
starters, alternators, wiper systems, actuators
and blowing motors. Bosch currently employs
2,000 workers in its factories in Miskolc, and
has been present in the Hungarian market
for 111 years. The expansion will create 1,000
new jobs, with 400 of them to be recruited for
by the end of this year.
Orex Zalog to expand
in Budapest
Orex Zalog will expand its facilities in
Budapest by developing a jewellery-test-
ing laboratory, a watch and jewellery serv-
ice centre and pawning facilities on Andrassy
road, all at a cost of several hundred million
forints. The three-storey property was pur-
chased last year and the expansion plans were
announced just recently by Zoltan Kleeberg,
the director of Orex Zalog, but without any
specific figures. The new laboratory will en-
able Orex to perform tests on jewellery out of
precious metals, exclusive watches and pre-
cious stones, as well as to issue quality certifi-
cates for these upon request.
A new store location will also be opened at
the Andrassy road headquarters, followed by
a location in Corvin Centre in Budapest, and
then at the Akrad shopping center in Szeged.
Orex Zalog retail director, Agnes Magyar,
stated that as a result of the crisis people have
began to lose faith in banks and are more apt
to invest in tangible assets such as gold. Most
investors choose to buy gold bars and sheets,
ranging from 5 to 1,000 grams, which Orex
also produces.
Monday, 23 August 2010
GE Aviation to spread wings
farther in Veresegyhaza
GE Aviation will expand its factory in
Veresegyhaza next year by a new factory
unit costing $1m, according to Patti Leary-
Kreitzer, company director. The new unit
will enable GE Aviation to expand its pro-
duction capacity, with the installation of
new equipment and implementation of new
technologies. In addition, GE Aviation in
Veresegyhaza will be able to extend its pro-
duction and servicing activities to additional
aircraft parts.
The existing factory manufactures and
services jet engines and other aircraft parts
for GE, Snecma & GE, and Rolls-Royce and
installs these in Airbus and Boeing airplanes.
The factory currently employs 230 workers.
Motherson Sumi Systems to
grow auto parts capacity
Motherson Sumi Systems, a subsidiary of
Samvardhana Motherson Group, will in-
vest INR 5bn (€82m) in expanding auto parts
manufacturing activities, by setting up a pro-
duction plant in Mosonmagyarovar, Hungary
and expanding its factories in India over the
next two years. Work on the construction of
the second factory unit in Hungary will begin
in November 2011 and end in March 2011
with a fully operational facility.
The new factory will be built on a
30,000 m² lot at the Mowin industrial park
in Mosonmagyarovar and create 250 new
jobs. At its new factory, the company will
produce 7 million rear-view mirrors annual-
ly for Audi, Mercedes, Mini, Volkswagen and
Toyota.
The company has factories in 21 countries
worldwide and produces a variety of auto
parts, including plastic components, wires,
seals, wiring harnesses, passenger car mir-
rors, moulded plastics and rubber parts, and
various modules for numerous auto mak-
ers, including Toyota, Suzuki, Tata Motors,
Hyundai and Nissan.
n

Monday, 23 August 2010
Poland
Almost PLN 45bn on road
projects since 2008
The General Directorate for National Roads
and Motorways (GDDKiA) has spent almost
PLN 45bn (€11.5bn) on road projects in the
past two and a half years, as reported by Puls
Biznesu based on the GDDKiA data.
Over the past 30 months, contracts con-
cerning the construction of over 1,600 km of
new roads of various classes have been signed.
These contracts concern the construction of
700 km of motorways, 900 km of expressways
and 20 bypasses. Projects underway concern
the construction of over 500 km of motor-
ways, almost 340 km of expressways and 135
km of bypasses. Reconstruction projects on
national roads span 75 km in length.
Over 935 km of new roads have been com-
pleted since 2008, including 180 km of mo-
torways, 315 km of expressways and 90 km
of bypasses. In the period under review, the
quality of the existing roads has significant-
ly improved as well – 60% of the roads are
classified as either good or very good. In ac-
cordance with GDDKiA’s plans, expenditure
on the development of the road infrastruc-
ture will continue at a high level in the com-
ing years.
Payment backlogs in
construction up to 90 days
Construction companies are still struggling
to meet their liabilities on time. The food and
construction industries are the slowest to set-
tle liabilities under past due invoices as pay-
ment delays are up to 90 days in these sectors,
Rzeczpospolita reported
According to the Dun & Bradstreet data,
the repayment capacity of the construction
industry has sustained a decline in the past
several months. Small companies and con-
tractors operating in the housing sector and
sellers of building materials appear to be in
the worst position. On a positive note, the
number of past due liabilities in the segments
of road construction and assembly construc-
tion has steadily fallen.
Experts from the Polish Association of
Construction Employers emphasise that
10
Central Europe Construction Review – Issue No. 17 (19)
those investors who commence projects
but do not have loan funds to cover the en-
tire cost force subcontractors to extend pay-
ment deadlines. Since the number of new
projects grows, it is likely that construction
companies’ indebtedness mounts higher and
higher.
The information published by Trusted
Adviser Group confirms that companies are
more likely to enforce their rights through
courts and apply for payment orders. These
measures contribute to an improved mar-
ket situation as companies refrain from ex-
tending trade credit terms and delaying the
repayment of liabilities unreasonably and
excessively.
Nearly 64,000 new mortgages
Banks issued a total of 63,900 new housing
loans in Q2 2010, which in value terms rep-
resents the combined sum of PLN 13.5bn
(€3.4bn), according to the Polish Bank
Association.
At the end of Q2 2010 the total debt result-
ing from loans issued for housing purposes
amounted to PLN 245.9bn (€63bn), which
translates into an increase of 13%. The aver-
age value of a such a loan was PLN 206,000
(€52,820). 23.6% of all mortgages were taken
out in euros, and only 4.4% were denominat-
ed in Swiss franks. Zloty-denominated hous-
ing loans represented 71.9% of the total, which
is down by 5% compared with the first quarter
of this year. According to ZBP forecasts, the
total value of all mortgages issued in 2010 will
reach approximately PLN 50bn (€12.8bn).
Prices of construction
materials rise fractionally
Prices in eight product groups increased in
July 2010 compared with June and fell in just
one, according to data released by Polskie
Składy Budowlane (PSB).
PSB reports that the biggest jump in prices
occurred in the case of dry interior construc-
tion, i.e. up by 5.1% in relation to June. Price
growth was minimal in the other groups, such
as wall materials and construction chemicals.
On the other hand, prices of ceramic wall ma-
terials, wood and wood-derivative materials
remained unchanged. The one product cate-
gory that was cheaper (-1.1%) compared with
the previous month was thermal insulation.
In turn, in the “other” category, cement and
lime products declined in price (-5%), as did
paint, varnish and wallpaper (-0.1%). On the
other hand, ceramic tiles and kitchen and
bathroom furnishings were more expensive
(by approx. 1.7%). Meanwhile, buyers had to
pay the same as they did in June for sett pav-
ing, steel products, gates and fencing.
In July 2010 PSB group noted a 2% improve-
ment in revenues compared with the corre-
sponding period of 2009. Simultaneously, its
revenues were down by 3% vis a vis June this
year.
Consolidation inevitable
on window market?
Shrinking margins and, as a consequence,
slimmer sales profits in the window sector
has led to a situation where consolidation on
the market has become a necessity, Parkiet
reported.
More than 2,000 firms are currently active
in Poland with market shares of no more than
few percent each. The last few years have seen
stiffer competition and a price war, which in
turn has led to many small firms now find-
ing it difficult to operate at a profit. As a con-
sequence, their owners are keen to sell them
off. In the opinion of analysts cited by Parkiet,
one should not expect consolidation to pro-
ceed at a rapid pace or on a large scale, as cre-
ating a large enterprise requires a lot of capital
and the potential of Polish investors remains
for the time being inadequate. The companies
with the highest market shares in 2009 were
Dobroplast (6.3%), Fakro (5.2%), Drutex
(3.9%) and Oknoplast-Krakow (3.3%).
Mostostal: order book
almost full for 2011
Mostostal Warszawa has recently filed win-
ning bids in tenders worth a total of over
PLN 1bn (€256m). Consequently, contracts
executed on the basis of these tenders will
make the company’s order book nearly full
for 2011, as reported by Parkiet.
In the opinion of the company’s manage-
ment, the April-June period met financial
PMR
Central Europe Construction Review – Issue No. 17 (19) Monday, 23 August 2010

expectations, but more detailed comments Cement sales and production in Poland, January-July 2010
will be issued after the Q2 2010 results have
been released. In the opinion of Mostostal’s July 2010 January-July 2010
management, in 2010 the group’s sales will Amount ('000 of Change Amount ('000 of Change
increase, but sales growth rate will not tonnes) y-o-y tonnes) y-o-y
be as spectacular as it was in the year be- Cement production 1,872.9 12.9% 8,296.5 -2.2%
Cement sales, including: 1,875.2 6.3% 8,417.0 -3.9%
fore when sales had grown by 20% year on Domestic 1,838.1 6.5% 8,238.6 -3.7%
year to PLN 2.7bn (€692m). The company’s Cement exports 37.1 -2.3% 178.4 -10.4%

management has not issued any informa-

tion on margins achieved by the Mostostal
group. However, it emphasises that 2010 has
been significantly harder for the industry
as a whole in comparison with 2009; due to
strong price competition, contracts that were
signed carry lower margins.
Cement sales climb in July
Total cement sales in July 2010 equalled
1,838,100 tonnes, which represents an in-
crease of more than 9.9% compared with June,
according to details released by the Polish
Cement Association. At the same time sales
were up by 6.5% compared with July 2009.
PGE ever closer to
choosing partner
Polska Grupa Energetyczna (PGE), which is
planning to build the first ever atomic power
station in Poland, is getting close to choosing
a partner to help it carry out the investment,
according to Parkiet.
Among the firms which have offered to co-
operate with PGE in implementing nuclear
energy in Poland are EDF, GE Hitachi and
Westinghouse. PGE will use a number of cri-
teria to determine its final choice of partner,
including price, safety and guarantees that
the investor will complete the project within
the deadline and ensure the participation of
Polish contractor firms.
According to PGE estimates, it will cost
approximately €3.3bn to build 1,000 MW
of power. However, specialists from the
Source: Poland Cement Association, 2010
PolAtom Institute of Atomic Energy claim
that the eventual figure may be as much as
€1.5bn higher since the investor will have
to take into account additional costs arising
from, among other things, buying land for
the facility and charges on loans taken out for
the project. Poland’s first ever atomic power
station will have an approximate output of
around 3,000 MW.
Kielce bypass overhaul
set to cost PLN 642m
A consortium comprising Mostostal
Warszawa and Acciona Infraestructuras
submitted the best bid in a tender to rede-
velop the Kielce bypass along the S7 Warsaw-
Krakow express road. The investment will
cost almost PLN 642m (€160.5m).
The fragment to be refurbished will be
23 km in length. The section between Kielce
North junction and Checiny junction will
be widened to include a second carriageway.
There are also plans to reconstruct road junc-
tions in Kostomloty, Checiny and Jaworznia.
The project also provides for the construc-
tion of 18 flyovers, nine bridges, two service
stations, four crossings for pedestrians and
three for large animals.
If none of the other tender participants
challenge the result a contract will be
signed with the winning consortium in the
next few weeks. The investment will take
18 months to complete, excluding the win-
ter season, from the day the contract is
signed.
www.pmrpublications.com
Nine candidates keen to build
power unit in Jaworzno
Nine companies have applied to take part
in a tender to build a power unit at the
Elektrownia Jaworzno III power station
owned by the group Tauron Polska Energia.
The unit will be 800-900 MW block with
supercritical parameters. The contractor
eventually chosen for the project will be re-
sponsible for the design, delivery, assembly,
and later start-up and commissioning of the
facility together with the installations and
auxiliary buildings. The applications will now
be examined to determine whether they ac-
cord with the specifications. The contractor
selection procedure as a whole will be com-
pleted by Q2 2011.
Work to begin soon on new
Ikea store in Bydgoszcz
The furniture concern Ikea will shortly em-
bark on the construction of a new store on
Fordonska Street in Bydgoszcz. The invest-
ment is to be completed by the autumn of
2011, according to Gazeta Wyborcza.
The company has already acquired all the
necessary land and permits it needs to carry
out the undertaking. More detailed informa-
tion on the actual store itself remains undis-
closed. The investor will also be responsible
for expanding a road junction at the intersec-
tion of Lowicka, Rejewskiego and Fordonska
Streets.
n

PMR 11
Monday, 23 August 2010 Central Europe Construction Review – Issue No. 17 (19)

MonteAdriano completes first

section of corridor IV motorway
The Portuguese contractor MonteAdriano
has completed the first section of the
European Corridor IV motorway in

Romania Romania, according to Capital, which was

Romanian construction
output continued
downward trend in June
Construction output in Romania contin-
ued to decrease in June 2010, dropping
by 5.2% year-on-year, according to the
National Institute of Statistics (INSSE).
The most significant decline was registered
in the residential segment, where construc-
tion output decreased by 20.6% in June this
year compared to the corresponding peri-
od of 2009. Non-residential construction
output fell by 8%, while civil engineering
increased by 4.7%.
Construction prices up
by 4.4% y-o-y in June
In June the growth of construction prices
was 4.4% y-o-y, down from 6.5% recorded a
month earlier. Simultaneously, the year-on-
quoting the company. The work on the
section cost €20.8m. The completed sec-
nership with the Romanian government tion links the motorway bypass around the
pertaining to this project. town of Lugoj with the Deva-Lugoj-Nadlac
In mid-2009, the Ministry of Transport motorway.
signed a construction contract for the The project was put out to tender by the
Comarnic-Brasov section with the Greek- Transport Ministry at the beginning of 2008.
French holding Aktor-Vinci. The contractor MonteAdriano was chosen as the general
was to have completed the project in a pub- contractor for this work on 3 March 2008.
lic-private partnership with the Romanian The 9.6 km section of motorway was com-
government. This year, the CNADNR and pleted in two years at a cost of €2.2m per km.
the Ministry of Transport plan to choose a MonteAdriano entered Romania in 2005,
contractor for the Sibiu-Pitesti section of where it has, so far, completed seven con-
the motorway, part of the Corridor IV pan- struction projects worth more than €134m
European motorway. between them.
Construction output growth in Romania (%, y-o-y),
January 2009-June 2010
14.0
6.3
-6.0
-4.4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
-16.0 -5.2 -17.1
-18.4 -6.9

year growth of industrial prices decreased -12.4 -20.9

-24.6
-22.5
-15.5 -26.2
from 6.5% in May to 6.2% in June.
The growth of construction prices in res- -23.4 -24.9
idential buildings sector was 3.6%, in non- -27.7
residential buildings – 4.5% and in civil 2009 2010
engineering 4.7% y-o-y.
Source: KSH, 2010 www.pmrpublications.com

Growth of construction and industry prices in Romania (%, y-o-y),

Construction of Comarnic-
June 2009-June 2010
Brasov section of
10.0
motorway on hold
The construction of the Comarnic-Brasov
section of the motorway is no longer a pri-
ority, because of the lack of interest on the 5.0
part of its funders, namely the European
Bank for Reconstruction and Development
(EBRD) and the European Investment
Bank (EIB), according to the National 0.0
Company of Motorways and National Jun 09 Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10
Roads in Romania (CNADNR). Aktor-
Vinci, the holding which prevailed in the
tender for the Comarnic-Brasov section of -5.0
the motorway, did not succeed in obtaining Construction Industry
funds from the EBRD and EIB and, as a re-
www.pmrpublications.com
sult, the company withdrew from its part- Source: INNSE, 2010

12 PMR
Central Europe Construction Review – Issue No. 17 (19)
Tower Park in Cluj-Napoca
taken over by CR Management
The Tower Park residential and office project
in Cluj-Napoca, started two years ago, has
been taken over by the German company
CR Management, a corporate risk manage-
ment company. The project was expected to
be completed at the end of last year, but the
construction work was stopped because of a
lack of funds. It consists of three blocks, two
residential towers of 18 and 12 floors, and an
office building. About 70% of the first, 18-
floor, building of the project has been com-
pleted, according to the new owners, quoted
by Capital. About 100 apartments in the com-
plex have been sold.
CR Management plans to complete the
first Tower Park building by the end of 2011.
It has to invest an additional sum of about
€1.4m in order to complete the project. CR
Management hopes to complete the entire
complex within the next two years. In total,
Tower Park will offer 332 flats.
Interhome Decor insolvent
The building materials retailer Interhome
Decor petitioned for insolvency, and its re-
quest was approved in July 2010 by a court
in the county of Prahova. Last year, the com-
pany had a turnover of RON 60.3m (€14.3m)
and made a loss of RON 2.02m (€0.5m), ac-
cording to Ziarul Financiar.
A D V E R T I S I N G
PMR
The retailer’s judicial administrator is
Revalactiv. Interhome Decor is owned by the
Belgian group Interior Home Commerce
and has five stores on the Romanian market,
one in each of the towns Bucharest, Ploiesti,
Buzau, Timisoara and Craiova.
Fabryo revises forecasts
and expects stagnation
Fabryo, a paint and varnish manufacturer
owned by the Swedish investment fund Oresa
Ventures, predicts turnover similar that of
2009, namely RON 150m (€35.3m). After the
first half of 2010, the manufacturer revised its
initial forecast of a 10% increase.
The company hopes to reach a share of
24% of the paint and varnish retail market in
2010. In April and May 2010, Fabryo held a
21.8% market share. During the correspond-
ing period of last year, the company had a
19.7% market share, according to the mar-
ket research firm MEMRB. Fabryo expects a
reduction of 15%-18% on the paint and var-
nish market in Romania in 2010 in compari-
son with last year.
KAI Ceramics expects increase
in sales in Romania this year
The KAI Group, a Bulgarian manufacturer of
ceramic tiles, which is owned by the American
Monday, 23 August 2010
investment fund Advent International, wish-
es to invest €6m in order to expand its pro-
duction capacity by 10%. The firm’s sales on
the Romanian market reached 25% of the to-
tal sales of the group in H1 2010, according
to Ziarul Financiar, which was quoting com-
pany managers.
KAI has two production units in Romania,
about 140 km from Bucharest. They have a
combined annual production capacity of
18 million m². The Romanian subsidiary of
the group, KAI Ceramics Romania, expects
its turnover to increase by 70% in 2010 in
comparison with 2009, to €13.6m. Last year,
the manufacturer achieved sales worth €8m
on the Romanian market, with KAI Romania
accounting for €2.7m. The remainder was
sold directly in Romania from Bulgaria. KAI
Ceramics entered the Romanian market last
spring, with 20 product groups. The compa-
ny now sells 50 in Romania.
n
13
Monday, 23 August 2010
Slovakia
Construction output in
Slovakia down by 6.6% in June
The decrease in construction output in
Slovakia continues its slow down. In June
it declined by 6.6% in comparison with the
corresponding month of the previous year to
€522.4m, according to data from the Statistics
Office of the Slovak Republic (SUSR).
New construction, modernisation and re-
construction saw a year-on-year reduction of
9.6% to €398.5m in June 2010. Repairs and
maintenance increased by 16.1 % to €108.8m.
In terms of production specification, pro-
duction realized in civil engineering de-
creased by 0.4%, construction works on
buildings by 6.6%. Construction of buildings
represented 67.4% of the domestic construc-
tion production and civil engineering works
represented 32.6 %.
Increase in rental activity
on the Bratislava office
market in Q2 2010
In the second quarter of 2010, only three of-
fice projects were completed in Bratislava,
two in the city centre and one in the suburbs.
Their overall area came to 32,000 m², accord-
ing to the Bratislava Research Forum (BRF),
which consists of the property consultancies
Cushman & Wakefield, CB Richard Ellis and
Colliers International in Slovakia. The larg-
est completed project during the period in
question was River Park on the banks of the
Danube, which added about 29,000 m² to the
city office stock.
At the end of June 2010, the total stock
of office space in Bratislava was 1.37m m²,
according to the BRF. Between April and
June 2010, leases involving approximate-
ly 47,000 m² of office space were conclud-
ed, almost three times the amount of the
equivalent period last year. In total, an area
of approximately 70,000 m² of office space
was rented in Bratislava during H1 2010. In
the second quarter of this year, the banking
and financing industry rented the most sub-
stantial amount of office space (11,900 m²),
and were followed by professional servic-
14
Central Europe Construction Review – Issue No. 17 (19)
es (10,450 m²) and industry and construc-
tion (8,400 m²). The most prevalent kind of
transactions remained leases of up to 500 m²,
which accounted, in Q2 2010, for about 61%
of total rented space. The vacancy rate on the
Bratislava office market was reduced to 13.6%
in Q2 2010 from 14.2% during previous quar-
ters. The lowest vacancy rate in Q2 this year,
9.9%, was that of the Petrzalka district.
Iuris to build family house
complex in Piestany
The property developer Iuris has announced
plans to build a multipurpose complex in the
town of Piestany. The first stage of this project
is the construction of a residential complex
called Beethoven, according to a report in
Trend. The complex will stand on a site tak-
ing up more than 15 ha and offering 172 fam-
ily houses. The first stage of construction, due
to begin in full in the summer of 2011, will
consist of the division and distribution of
land and the construction of infrastructure.
The former is expected to be completed in
2012. Then construction of houses will begin
as part of the same first stage. During the sec-
ond stage of the project, the developer plans
to build a leisure area taking up approximate-
ly 30 ha. It is now working on a feasibility
study pertaining to the second stage of this
project. The developer’s representatives have
said that talks with hotel operators which
might have an interest in building accommo-
Construction output growth in Slovakia (%, y-o-y),
January 2009-June 2010
-1.2
-0.3
Jan Feb Mar Apr May Jun
-3.9
-11.0 -5.7
-8.1
-13.9 -6.6
-8.9
-12.9
-25.6
-19.7
2009
Source: INNSE, 2010
dation facilities in this area will follow. The
current plans for this area include the con-
struction of two hotels, one three star and
one four star, with a total combined capac-
ity of 250 rooms and 50 apartments. Other
structures due to be built here include an aq-
uapark and sports facilities.
Doprastav expecting
fewer redundancies
than initially feared
Doprastav, the most prominent Slovak con-
struction firm in terms of sales, does not, as it
had thought, need to make 750 employees of
its 3,000-strong staff redundant. The decision
to cut the workforce will depend on whether
work on the public-private partnership (PPP)
project involving the construction of the D1
motorway between Martin and Presov starts
in the near future.
Along with the Zilina-based Vahostav-SK,
Doprastav is part of the consortium charged
last year by the Slovak transport ministry with
the construction of this part of the motor-
way, which is 75 km long. Doprastav’s man-
agement is now compiling lists of staff who
might be laid off, according to the SITA news
agency, quoting the company. About 150
people will be made redundant by September
2010. For all of the others, there is sufficient
work until October 2010.
The cost of the construction of the D1 mo-
torway, as determined in the PPP package,
is €2.4bn, without VAT. The Doprastav and
Vahostav-SK consortium offered a bid of €3.3bn
in the tender but later increased this to €4bn.
The Slovak government, in accordance with the
same conditions in the PPP package, promised
to repay the investment within 30 years. In to-
tal, this would mean a bill of €9.1bn.
-0.2
Jul Aug Sep Oct Nov Dec
-5.7
-13.5
-16.9
-18.2
-22.0
2010
www.pmrpublications.com
PMR
Central Europe Construction Review – Issue No. 17 (19)
Nitra launches tender for
road construction project
The Nitra region has announced a tender for
the modernisation of three sections of class II
and III roads in the town of Nove Zamky. The
total length of these roads is 31 km, accord-
ing to the SITA news agency. The forecast cost
of the work, which is expected to last for one
year, is €4.4m exclusive of VAT. The sections
due to be modernised include Nove Zamky-
Andovce-Zemne-Komoca (17.4 km), Salka-
Bajtava-Kamenica nad Hronom (9.2 km)
and Pozba-Bardonovo (4.5 km). The money
to be invested in the project is to come from
EU funds, the state budget and the regional
budget. Bids will be accepted until 30 August
2010. The decisive criterion in the selection
of the general contractor will be price, ac-
cording to representatives of the region.
PPP package 1 unlikely to
be concluded before the
end of August 2010
The conclusion of the agreement on the fund-
ing of PPP package number 1, which involves
the construction of the D1 motorway between
Martin and Presov is unlikely to take place
before the end of August 2010, according to
Dusan Samudovsky, the general director of
Doprastav, the largest Slovak construction
firm. He informed the SITA news agency
that this problem is to be decided solely by
the European Commission after it has made
sure that the construction of the motorway
does not affect the environment surrounding
the planned Turany-Hubova section of the
motorway. The new deadline for the conclu-
sion of this matter, set by the Slovak ministry
of transport is 31 August 2010.
The project has been delayed numerous
times since 2009. The European Investment
Bank (the EIB) pledged a loan of €1bn for his
project but it cannot release the funds before
the EC has approved it.
Eurovia to rebuild damaged
roads in Minovce
The construction company Eurovia SK
Kosice has been chosen to rebuild the sec-
tions of class I road damaged by the floods
in Minovce. The project is worth €2.95m ex-
clusive of VAT, according to the Slovak Road
Administration (SSC), which commissioned
PMR
Eurovia after direct negotiations. The SSC
did not organise a public tender because the
roads were in urgent need of repair.
In total, the project includes the repair of
approximately 200m of carriageway between
Breznica and Minovce destroyed in the latest
floods in Slovakia this year.
Renovation of Liptovsky
Hradok city centre begins
The reconstruction of the city centre in
Liptovsky Hradok, in northern Slovakia, in-
cluding the that of the main square, began
in early August 2010, according to Stavebne
Forum. The project is worth €1.74m and
covers the repair of buildings, the construc-
tion of fountains and public parks and the
reconstruction of road infrastructure and
stairways, according to Branislav Treger, the
town’s mayor. The project is funded in full by
the EU and is due to be completed in April
2011.
Family homes to
grow in Svaty Jur
The investor Thorin plans to start works next
year on preparing the infrastructure for the
construction of some 25 family homes in the
town of Svaty Jur near Bratislava. The hous-
es will have garages and gardens, in all on
an area of 30 ha. The land parcels are sized
between 732 m² and 1,226 m². The average
price of the parcels will be €203/m², VAT in-
cluded, Trend reported. The works on the
land infrastructure are expected to be com-
pleted in the autumn of 2012 at the earliest,
according to information from Thorin’s man-
agement. A total of 11 parcels have been sold
already. At the moment, Thorin is in talks to
select the constructor that will carry out the
infrastructure project.
OTP Real plans a residential
complex in Bratislava
The developer OTP Real Slovensko, a sis-
ter company of the OTP Bank in Slovakia,
plans to soon start the construction of the
first phase of the residential project Start in
the Bratislava district of Dubravka. The en-
tire project is envisaged to consist of 182 flats
in the small apartment segment, with floor
Monday, 23 August 2010
areas of 41-80 m². The flats will cost between
€1,690 and €1,900 per m2, VAT included.
In the first phase, a total of 48 flats is to be
erected. The construction of this phase of
the project is planned to start in the com-
ing months and to be finished by the end of
2011, according to representatives of OTP
Real Slovensko as quoted by Trend. The de-
veloper would not elaborate on the timeta-
ble for the entire project. At the ground floor
of the blocks of flats, the developer plans to
build four retail premises of between 25 m²
and 65 m², which it will sell for an average
price of €1,700/m². OTP Real has been oper-
ating in Slovakia for a few years.
Besides building office complexes for OTP
Bank throughout the country, the firm has
also completed its own residential projects in
towns such as Dunajska Streda and Banska
Bystrica.
Comenius university plans a
new campus in Bratislava
A new campus, to consist of more than 400
rooms for some 1,400 students, is to be built
by the Comenius University in the area
Mlynska dolina in Bratislava. The complex
will have a total floor area of 37,000 m², Trend
reported. The decision to build a new campus
was made to remedy a shortage in student ac-
commodations in the Slovak capital.
The new campus, expected to cost up to
€38.4m, is to consist of three 14-floor towers
plus regular and underground parking with
a total of 220 spaces. The construction works
on the campus are commence this year to be
completed within a year.
Holiday Inn to launch in
September in Trnava
The four-star hotel Holiday Inn in the town
of Trnava is expected to open its gates on
1 September 2010, the newswire SITA report-
ed. In addition to 102 rooms, the hotel will
offer several conference facilities with differ-
ent capacities, ranging from 150 to 800 per-
sons. The hotel is being erected in downtown
Trnava. The ambition of the owners is for the
hotel to become a hub for conference tour-
ism in western Slovakia. The hotel will op-
erate under the name Panorama Sporthotel.
Holiday Inn has a hotel with large conference
facilities in Zilina as well.
15
Monday, 23 August 2010
Slovak Ministry plans to build
an intermodal freight terminal
The Slovak ministry of transport, post and
telecommunications (MDPT) announced
plans to build a public intermodal freight
terminal in the town of Leopoldov, north
of Trnava, the newswire SITA reported. The
project is worth €41.95m, without VAT.
The construction of the first phase of the
project is planned to start in Q4 2012 to be
completed a year later. The construction of
the second phase of the terminal is to start
once the first phase is at full capacity, which is
predicted to happen within 30 years.
YIT buys majority
stake in Reding
The Slovak construction company Reding has
gained a majority shareholder in the Finnish
firm YIT Corporation, which purchased
70% of the Slovak constructor, Hospodarske
Noviny reported. Reding has been operat-
ing in the construction sector in Slovakia
for 13 year, specialising mostly in residen-
tial and commercial projects. The stake was
purchased from the Slovak entrepreneur
Ladislav Versovsky, who has retained a 30%
interest and will remain at the helm of the
company as board chairman as well as gen-
eral director. The deal has yet to be approved
A D V E R T I S I N G
16
Central Europe Construction Review – Issue No. 17 (19)
by the Slovak antitrust office. The purchase is
part of YIT’s strategy of expansion in Central
and Eastern Europe.
Reding operates mostly in the Bratislava
area. Its annual sales hover around €30m. The
company employs some 150 people. YIT is
the biggest Finnish construction company by
revenues. Abroad, it is the largest construc-
tor on the residential segment in Russia and
has a dominant position in the construction
markets of the Baltic states; two years ago, the
company entered the Czech market.
Skanska could cut jobs
due to order slag
For now the Bratislava-based construction
company Skanska SK does not plan to sack
staff like other major constructors in the
country, such as Doprastav and Vahostav-
SK Zilina, the newswire SITA reported.
According to Skanska’s general director
Tibor Kocvara, Skanska will have to start to
lay off workers if it continues not to secure
orders as has been the case in the past sever-
al months. Kocvara, however, would not say
exactly how many months of no wins would
prompt the company to let go of some of its
900 employees.
Skanska in Slovakia is in a process of a legal
review of all tenders in which it lost. In cas-
es where the rationale for it failing could be
challenged under law, Skanska’s management
plans to take its concerns to court.
Skanska still eyes the D3
Strazov-Brodno section-to-be
The Bratislava-based constructor Skanska SK
still has interest in the order for the construc-
tion of the 4 km-long D3 motorway section
between Strazov and Brodno, according to
the firm’s general director Tibor Kocvara, as
quoted by the newswire SITA. Skanska’s law-
yers argue that there was no reason to cancel
the construction tender for this project.
The National Motorway Company (NDS)
in Slovakia, which handles road infrastruc-
ture construction in the country, planned
to launch a new tender for this project in
August 2010. But it has yet to make any re-
lated announcement. In June 2010 Skanska
lodged a complaint with the municipal court
in Bratislava to challenge the decision of the
Office for Public Procurement (UVO), which
ordered the tender be cancelled in spring
2010. UVO argued that the NDS breached
the law on public procurement during the
tender.
n
PMR
 Latest construction tenders announced in Bulgaria
Deadline for Contract
Publication
Investor E-mail URL submitting value Contact person Description of investment
date
bids (BGN m)

PMR
Sofia
2010 -08 -10 astamenov@sofia.bg www.sofia.bg 2010 -09 -13 n/a Tel. +359 29377530 Construction work for water projects
Municipality
Road
2010 -08 -17 Infrastructure n/a www.napi.government.bg 2010 -10 -08 n/a Tel. +359 29173276 Grade -separated junction construction work
Agency

n/a - not available

Source: PMR Publications, 2010 www.pmrpublications.com

Latest construction tenders announced in the Czech Republic

Central Europe Construction Review – Issue No. 17 (19)

value of
Publication Deadline for
Investor E -mail URL contract Contact person Description of investment
date submitting bids
(CZK m)
2010 -08 -07 City of Melnik jirka@zakazkyverejne.cz www.zakazkyverejne.cz 2010 - 09-17 138 Tel. +420 224318907 Sewer construction work - 2nd building - SO 01 Chloumek
The Prague Water
Construction work for pipelines, communication and power
2010 -08 -09 Supply and vz@mt- legal.com www.ptas.cz 2010 - 10-12 375 Tel. +420 222866555
lines. Under - river tunnel construction work
Sewerage Company
City of Zdar nad Swimming pool construction work and equipment for
2010 -08 -12 marek.slaby@rts.cz n/a 2010 - 09-13 141 Tel. +420 545120262
Sazavou swimming pools
City of Munich Sewer construction work and sewage pumping stations
2010 -08 -12 info@csscas.cz n/a 2010 - 09-06 147.4 Tel. +420 602353118
Hradiste construction work
soukupova@stav -
2010 -08 -14 City of Havirov n/a 2010 - 09-10 100.3 Tel. +420 387330460 Cinema construction work
poradna.cz

n/a - not available

Source: PMR Publications, 2010 www.pmrpublications.com

Latest construction tenders announced in Hungary

Contract
Publication Deadline for
Investor E -mail URL value Contact person Description of investment
date submitting bids
(HUF m)
XIII District Municipality Building installation and completion work in XIII District
2010 -08 -07 kerekes.anita@okfon.hu n/a 2010 - 09-20 n/a Tel. +36 14524100
of Budapest Municipality of Budapest
Hetenyi Geza County Construction work at the admission room and the children's ward
2010 -08 -09 foigazgato@hetenyikorhaz.hu www.dszt.hu 2010 - 09-21 n/a Tel. +36 56503710
Hospital in the hospital
Pest County Regional
2010 -08 -10 titkarsag@zoldhid.hu www.zoldhid.hu 2010 - 09-24 n/a Tel. +36 28561250 Waste -treatment plant construction work
Waste Management
2010 -08 -12 City of Papa beruhazas@papa.hu n/a 2010 - 09-27 75 Tel. +36 89515050 Road construction works
Building construction and renovation work. Masonry and
2010 -08 -14 Szekszard Municipality kuglics.krisztina@szekszard.hu www.szekszard.hu 2010 - 09-27 n/a Tel. +36 74504184 bricklaying work. Electrical installation, plumbing and sanitary
works

n/a - not available

Source: PMR Publications, 2010 www.pmrpublications.com

17
Monday, 23 August 2010
 18
Monday, 23 August 2010

Latest construction tenders announced in Poland

Publication Deadline for Contract
Investor E-mail URL Contact person Description of investment
date submitting bids value (PLN m)
Comprehensive modernisation and reconstruction of
Silesian University of Katarzyna Podg órni, auditoriums in the Faculty of Control Engineering, Electronics
2010-08-11 oz@polsl.pl www.polsl.pl 2010-09-16 7
Technology tel.+48 32 237 13 34 and Information Science, the Silesian Polytechnic in Gliwice
as well as the creation of a virtual flying lab
City of Warsaw, Ursynow Construction of second carriageway, KEN Avenue,
2010-08-12 n/a www.ursynow.waw.pl 2010-08-26 n/a Tel. +48 22 545 71 00
District section:Belgradzka Street -Wawozowa Street
Bogdan S zelag,
Construction of technology needed for the production of an
Poludniowy Koncern tel.+48 32 627 05 61,
2010-08-12 n/a n/a 2010-09-02 n/a assortment with granulation from 0 to 6 mm for Poludniowy
Weglowy Tomasz Manczyk,
Koncern Weglowy - Janina Mine in Libiaz
tel.+48 32 627 05 94
Zaklad Utylizacji Odpadow Maciej Zimny,
2010-08-13 zuos.tczew@poczta.fm www.zuostczew.pl 2010-09-30 n/a Design and construction of waste neutralisation plant
Stalych tel. +48 58 532 10 25
Kazimierz Toru ński, Construction of Warszawa Stadion passenger station
2010-08-13 PKP Polish Railway Lines k.torunski@plk -sa.pl www.przetargi.plk -sa.pl 2010-09-20 n/a
tel. +48 22 473 34 18 together with part of suburban line No. 448

n/a - not available

Source: PMR Publications, 2010 www.pmrpublications.com

Latest construction tenders announced in Romania

Contract
Publication Deadline for
Investor E-mail URL value Contact person Description of investment
date submitting bids
(RON m)
Rehabilitation of pre-university schools in Dobrogea
2010 -08 -10 Ministry of Education office@schoolrehabilitation.ro www.schoolrehabilitation.ro 2010 -09 -07 n/a Tel. +40 213102207
region
2010 -08 -10 Sangeorz-Bai sgb@hotmail.com www.e-licitatie.ro 2010 -09 -27 37.1 Tel. +40 263370872 Road and footpath construction works
Daniela.mincu@bucuresti -
2010 -08 -17 Bucharest Municipality www.pmb.ro 2010 -09 -21 n/a Tel. +40 213055530 Construction work at school buildings
primaria.ro
2010 -08 -17 Mehedinti County Council achizitii@sejmh.ro www.sejmh.ro 2010 -09 -08 37.8 Tel. +40 372521137 Renovation of the Iron Gates Region Museum
2010 -08 -17 Bucharest District 6 achizitiips6@yahoo.com www.e-licitatie.ro 2010 -08 -31 652.1 Tel. +40 213180144 Renovation of blocks in District 6
n/a - not available
Source: PMR Publications, 2010 www.pmrpublications.com
Central Europe Construction Review – Issue No. 17 (19)

PMR
Central Europe Construction Review – Issue No. 17 (19) Monday, 23 August 2010

PMR 19
Monday, 23 August 2010 Central Europe Construction Review – Issue No. 17 (19)

20 PMR
Central Europe Construction Review – Issue No. 17 (19) Monday, 23 August 2010

A D V E R T I S I N G

Upcoming events
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EVENT: Tunnels Europe 2010
VENUE: Budapest, Hungary
DATE: 28-29 September 2010
IQPC
Phone: +44 (0) 20 7368 9300
ORGANISER:
E-mail: enquire@iqpc.co.uk
URL: http://www.tunnelseurope.com /Event.aspx?id=329720

8th Annual CEE Energy

EVENT: 8th Annual CEE Energy
VENUE: Budapest, Hungary
DATE: 30 September 2010
EastEuro Link
Phone: +44 (0) 207 275 8020
ORGANISER: Fax : +44 (0) 207 681 2889
E-mail: london@easteurolink.co.uk
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6th Annual CEE Real Estate

EVENT: 6th Annual CEE Real Estate
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DATE: 14 October 2010
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DATE: 18-19 October 2010
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Utilization, Modern Energy, H&Z Media Group
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ORGANISER:
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Central Europe Construction Review – Biweekly news briefing — A prime source of market intelligence for construction professionals
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