11 Development real estate
Book value in CHF million | Development | Buildings under | Completed | Total develop- | ||||
As at 01.01.2017 | 101.6 | 8.3 | 55.8 | 165.7 | ||||
Purchases | 5.3 | 0.0 | 0.0 | 5.3 | ||||
From construction activity/development | 4.2 | 2.2 | –2.2 | 4.2 | ||||
Income from sales Development | 0.5 | 0.0 | 8.1 | 8.6 | ||||
Impairment | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Disposals | –29.7 | 0.0 | –35.8 | –65.5 | ||||
Reclassifications | 15.3 | 0.0 | 0.0 | 15.3 | ||||
As at 30.06.2017 | 97.2 | 10.5 | 25.9 | 133.6 |
The reclassification from investment real estate to development real estate relates to Grindelstrasse 3/5 in Bassersdorf (CHF 16.0 million). Following sale to a third party and the start of construction, the Fangletenstrasse project in Bülach (accrued costs) was reclassified from development real estate to trade receivables (CHF –0.7 million).
Development real estate as at 30 June 2017
Location | Property | Acquisition/ | Area of | Register of | Book value | Estimated | Project status | Expected | ||||||||
Development reserves | ||||||||||||||||
Bassersdorf | Grindelstrasse | 2008 | 12 004 | no | 19.32 | 80.0 | in planning | open | ||||||||
Bülach | Fangleten-/Solistrasse | 2011 | 18 586 | yes | 19.02 | 55.0 | in planning | open | ||||||||
Dielsdorf | Neuwisen | 2013 | 46 419 | no | 35.42 | 175.0 | in planning | open | ||||||||
Rümlang | Bäuler | 1987 | 30 278 | yes | 16.02 | 100.0 | in planning | open | ||||||||
Winterthur | Florenstrasse | 2016 | 11 582 | no | 2.33 | 55.0 | in planning | open | ||||||||
Zufikon | Alter Züriweg | 2017 | 3 806 | no | 5.22 | 17.0 | in planning | open | ||||||||
Total development reserves | 97.2 | 482.0 | ||||||||||||||
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Basel | Kirschblütenweg | 2011 | 3 948 | no | 10.5 | 16.0 | in progress | 2018 | ||||||||
Total buildings under construction | 10.5 | 16.0 | ||||||||||||||
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Erlenbach | Lerchenbergstrasse | 20144 | 8.4 | |||||||||||||
Zurich | Guggach | 20164 | 17.5 | |||||||||||||
Total completed real estate | 25.9 | |||||||||||||||
| 133.6 | 498.0 |
1 Land and building costs
2 Book value includes acquisition costs for the land 100% owned by Allreal and accrued project costs of third parties
3 Book value includes acquisition costs for prepayments made for land and accrued project costs of third parties (transfer of ownership for land pending)
4 Completion
Kirschblütenweg, Basel
New-build complex of 12 terraced houses and 24 garage parking spaces to Minergie standard with lettable floor space (100% residential) of 1,967 square metres. It is being built by Allreal Generalunternehmung AG and is scheduled for completion in 2018. As at 30 June 2017, all residential units had been sold, 0 of which with transfer of ownership.
Lerchenbergstrasse, Erlenbach ZH
Five new-build semi-detached houses and three new-build apartment buildings with a total of 39 residential units and 93 underground parking spaces to Minergie standard with lettable floor space (100% residential) of 7,730 square metres. The project was built by Allreal Generalunternehmung AG and completed in 2014. As at 30 June 2017, 38 out of 39 residential units had been sold, 35 of which with transfer of ownership. 1 apartment was still for sale.
Guggach, Zurich
Four new-build apartment buildings with a total of 197 condominiums and 219 underground parking spaces to Minergie standard with lettable floor space (100% residential) of 25,919 square metres. The project was built by Allreal Generalunternehmung AG and completed in 2016. As at 30 June 2017, 195 out of 197 residential units had been sold, 186 of which with transfer of ownership. Two apartments were still for sale.