Looking for attractive land

We are planning to allocate PLN 180 mln for the purchase of plots for new projects. So we are looking for attractive land properties in Warsaw and Wrocław. In the case of Warsaw we are interested in plots both on the right and left banks of the Vistula river. This year we have already managed to spend PLN 50 mln on sites for new projects. For example, we have purchased a plot for the next stage of the Saska estate in Warsaw’s Praga Południe district, where we are planning 379 apartments in 5- and 6-storey buildings. We are also considering the construction of an estate offering app. 200 apartments in Warsaw’s Chrzanów area and another with app. 800 apartments in Czerniaków district. The funds for the land purchases will come from our cash reserves, which amounted to PLN 317 mln at the end of March. So far we are not planning any new bond issues. The last six months have shown that the residential market is now in a much better shape and so maintaining such high cash reserves is not necessary. It is, however, still important to provide buyers with an attractive offer.