The new residential project is being built to a design by CMS Architects on a site surrounded by Baarova Street, the large Baar Park, U Michelské školy Street and Telčská Street. “With its modern architecture and sophisticated design, the Residential Park Baarova offers comfort and intimate housing in a strategically convenient location – not far from the city centre and, yet, in a quiet and green area, complete with ample servicing facilities,” says Václav Černý, Sales Manager for the Residential Park Baarova. The development has been under construction by PSJ company since last July.

The project offers 139 two- to six-room apartments with a kitchenette, with an area from 50 to 170 square metres. Aside from a variety of job vacancies, prospective residents will benefit from a wide rage of social, educational, shopping and sporting opportunities. The complex consists of three separate structures, apartment buildings, with a contemporary square between them. Radim Passer, Chairman of the Board, PASSERINVEST GROUP, says in his comment on the project: “We assume that purchasers – end users will find their place here, in 50% or more of all cases. However, a part will be certainly acquired by purchasers – investors, especially from the companies headquartered in the vicinity, at BB Centrum.”

The architectural concept of the new Residential Park Baarova is of a natural and fluent passage between the original villa area and the nearby modern multipurpose BB Centrum. “The new residential area has been designed as a continuation of the park in the form of an inner garden,” adds Václav Černý, Sales Manager for the Residential Park Baarova.

A hotly debated issue has recently been the change of the reduced VAT rate imposed on the transfer of apartment units in new developments. “In our opinion, the date of 1 January 2012, when the reduced VAT rate will be changed to 14%, as announced following the last week’s session of the Government, is realistic, given the media coverage and our awareness of the length of the legislative process. Since we are expecting the approval of construction work on the Residential Park Baarova in November 2011, a possibility exists that clients will have concluded a purchase contract, along with having paid the final balance of the purchase price, and the apartment will have been transferred for use prior to the end of 2011, and, therefore, the current reduced VAT of 10% will be chargeable on the entire purchase price. Nevertheless, this is subject to the final decision by the Government and approval for an amendment to the VAT Act from the Chamber of Deputies,” says Václav Černý in his comment on the present situation concerning the amendment to the VAT Act. “It is also due to these extensively discussed changes that demand for this project has recently increased.”

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