Pricing details were unavailable by press time for the landmark building situated along Avenue 19 between the streets of Milentija Popovica, Treci Bulevar and Vladimira Popovica, where Communist-style concrete architecture is being retooled and replaced with fashionable and expensive residential addresses, retail and office space. Park Apartments contains 181 residential units, including 10 penthouses, 12 retail condos and a 224-space underground parking garage.
"Park Apartments is a landmark project and one of the reasons why New Belgrade became so popular and why standards here have risen so dramatically," Ana Jankovic, key account manager for Colliers International Serbia, says in a press release about the sellout. The one-, two- and three-bedroom apartments range from 37 m2 [398 sf] to 180 m2 [1,937 sf].
The landmark residential and retail building is connected to GTC House, a 60,000 m2 [645,834 sf], class A office in New Belgrade's Block 19A. According to market reports, the corridor boasts 90% of the city's modern office stock, driving the need for more high-end residential and retail space.
Colliers' residential report for the last half of 2007 reported that the submarket is logging some of the highest prices in the city. The report didn't cite financials, but it was noted that Savograd along Block 20 registered the highest sale prices during the year. Sales in neighboring districts' higher-end apartments ranged from EUR 2000 per m2 to EUR 2800 per m2. The Belgrade Statistical Institute puts the average apartment at 61 m2 [656 sf] in the 553,307-unit inventory.
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