CRESCO GROUP confirms a leading position on the new homes market and changes its name and logo
Last year, the strongest residential developer in Slovakia, CRESCO GROUP, sold a record-breaking number of newly constructed flats – 728. The biggest new housing project in Slovakia – Slnečnice in Bratislava – accounts for 95% of those flats. Interest in the new neighbourhood registered a year-on-year increase of almost 25%. Every fifth to sixth flat sold in a newly constructed building in Bratislava was in Slnečnice.
"We confirmed our leading position on the Slovak apartment market for the third consecutive year. We are very pleased about the success of the Slnečnice project, which will continue to grow until 2030. Our aim this year is to launch the sales of other projects that are part of Slnečnice, to present new projects in the capital and to strengthen our activities in the Czech Republic. In spring, we will start the construction of the first stage of UNIQ Tesla project in Prague," said Ján Krnáč, Managing Director. He added: "Over 25 years of its existence, CRESCO GROUP has gradually become a strong regional developer with expanding activities and growing ambitions. This is an ideal time to change our corporate visual identity – this year, we are changing our logo and our new business name is CRESCO REAL ESTATE. We believe that our new visual identity will help us ensure further growth and expansion at home and on other European markets."
The developer’s new logo was created by MADE BY VACULIK publicity agency and it stresses the meaning of the word cresco, which means growth in Latin. It embodies the company’s growth and expansion to new markets and it also reflects its main business activity – constructing new buildings. Growth is embedded in the logo by means of a simple visual language. The new logo is the first step towards a full re-design of the brand.
Last year’s sales of Slnečnice apartments had a growing tendency and exceeded the developer’s expectations. The developer’s share on the new homes market in Bratislava increased to almost 20 per cent.*
"Mortgage conditions became more strict in January 2019, which reflected on the increased number of flats sold in the last quarter of 2018, which was the strongest quarter," says Michal Pauer, Sales Director at CRESCO REAL ESTATE.
Pauer says that two-room flats continue to be the most popular ones. However, sales were strong in the category of one-room flats as well as three and four-room flats. "A typical Slnečnice customer are parents at the age of 25 to 40 with or without children," says Pauer.
This is proven by the fact that more than 85 per cent of flats within the project are bought for housing purposes. The rest are investment flats bought for resale purposes or as buy-to-let properties. "This share is still very much acceptable, as most flats are sold to actual future inhabitants," adds Pauer.
Last year, new shopping facilities were opened in Slnečnice with a new gastro zone in Slnečnice Market shopping mall with many new restaurants. One of the largest fun and sports centres in Slovakia – LEON – will open its doors to visitors in Slnečnice Market as well.
Currently, there are 1,550 flats under construction in Slnečnice. The next stage to be launched for sale is C4 in the Viladomy zone with 382 flats and A4 in the City zone with 360 flats. Michal Pauer believes that this year’s sales will depend on three factors – continued increase in prices, decrease in the availability of funding and decreased offer of new flats on the market.
* In 2018, 3,773 flats in total were sold in new buildings in Bratislava. Source: Bencont Investments analyses