11 Development real estate
Book value in CHF million | Development | Buildings under | Completed | Total develop- | ||||
As at 01.01.2018 | 78.3 | 29.9 | 8.3 | 116.5 | ||||
Purchases | 33.5 | 0.0 | 0.0 | 33.5 | ||||
From construction activity/development | 0.5 | 9.5 | 0.0 | 10.0 | ||||
Income from sales Development | 1.0 | 1.1 | 0.0 | 2.1 | ||||
Impairment | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Disposals / reclassification to contract assets | –20.3 | –18.7 | –6.3 | –45.3 | ||||
Reclassifications | 0.0 | 0.0 | 0.0 | 0.0 | ||||
As at 30.06.2018 | 93.0 | 21.8 | 2.0 | 116.8 |
The disposal of development reserves relates to the property on Grindelstrasse Bassersdorf, disposals of buildings under construction relate to the projects Solistrasse Bülach (CHF 2.3 million) and Kirschblütenweg Basel (CHF 16.4 million), and disposals of completed real estate relate to Guggach Zurich (CHF 6.3 million). Disposals of buildings under construction and completed real estate in an amount of CHF 17.8 million were recognised directly through equity, see 1.1.
Development real estate as at 30 June 2018
Location | Property | Acquisition/ | Area of property | Register of | Book value | Estimated | Project status | Expected | ||||||||
Development reserves | ||||||||||||||||
Dielsdorf | Neuwisen | 2013 | 46 419 | no | 35.42 | 175.0 | in planning | open | ||||||||
Lucerne | Eggen | 2018 | 8 386 | no | 33.72 | 70.0 | in planning | open | ||||||||
Rümlang | Bäuler | 1987 | 30 278 | yes | 16.02 | 100.0 | in planning | open | ||||||||
Winterthur | Florenstrasse | 2016 | 11 582 | no | 2.43 | 55.0 | in planning | open | ||||||||
Zufikon | Alter Züriweg | 2017 | 3 806 | no | 5.52 | 17.0 | in planning | open | ||||||||
Total development reserves | 93.0 | 417.0 | ||||||||||||||
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Bülach | Solistrasse | 2011 | 18 586 | yes | 21.8 | 55.0 | in progress | 2019 | ||||||||
Total buildings under construction | 21.8 | 55.0 | ||||||||||||||
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Zurich | Guggach | 20164 | 2.0 | |||||||||||||
Total completed real estate | 2.0 | |||||||||||||||
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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
Solistrasse, Bülach ZH
Five new-build apartment buildings with a total of 73 condominiums and 78 underground parking spaces to Minergie-Eco standard with lettable floor space (100% residential) of 8,150 square metres. It is being built by the Projects & Development division and is scheduled for completion in 2019. As at 30 June 2018, contracts of sale had been notarised for 8 out of 73 residential units, 0 of which with transfer of ownership.
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 the Projects & Development division and completed in 2016. As at 30 June 2018, 196 out of 197 residential units had been sold with transfer of ownership. One apartment was still for sale.