11 Development real estate
Book value in CHF million | Development | Buildings under | Completed | Total develop- | ||||
As at 01.01.2019 | 136.2 | 11.4 | 0.0 | 147.6 | ||||
Purchases | 7.0 | 0.0 | 0.0 | 7.0 | ||||
From construction activity/development | 1.9 | 19.0 | 0.0 | 20.9 | ||||
Income from sales Development | 0.0 | 3.4 | 0.0 | 3.4 | ||||
Impairment | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Disposals / reclassification to contract assets | 0.0 | –22.4 | 0.0 | –22.4 | ||||
Reclassifications | –6.6 | 6.6 | 0.0 | 0.0 | ||||
As at 30.06.2019 | 138.5 | 18.0 | 0.0 | 156.5 |
The addition to development reserves relates to the property on Hauserstrasse in Zurich. The reclassification from development reserves to buildings under construction relates to the project Alter Züriweg in Zufikon AG as a result of the start of construction in the period under review. The other changes to buildings under construction relate to the project Solistrasse in Bülach ZH, i.e. in connection with the 71 notarisations, income from sales Development of CHF 3.4 million was recognised and CHF 22.4 million restated as contract assets.
Development real estate as at 30 June 2019
Location | Property | Acquisition/ | Area of | Register of | Book value | Estimated | Project status | Expected | ||||||||
Development reserves | ||||||||||||||||
Dielsdorf | Neuwisen | 2013 | 46 419 | no | 37.12 | 175.0 | in planning | open | ||||||||
Lucerne | Eggen | 2018 | 8 386 | no | 40.02 | 70.0 | in planning | open | ||||||||
Rümlang | Bäuler | 1987 | 30 278 | yes | 16.02 | 100.0 | in planning | open | ||||||||
Winterthur | Florenstrasse | 2016 | 11 582 | no | 21.82 | 55.0 | in planning | open | ||||||||
Zurich | Hauserstrasse | 2019 | 1 341 | no | 7.02 | 15.0 | in planning | open | ||||||||
Zurich | Spiserstrasse | 2018 | 2 195 | no | 22.62 | 47.0 | in planning | open | ||||||||
Total development reserves | 138.5 | 462.0 | ||||||||||||||
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Bülach | Solistrasse | 2011 | 18 586 | yes | 11.3 | 55.0 | in progress | 2019 | ||||||||
Zufikon | Alter Züriweg | 2017 | 3 806 | no | 6.72 | 17.0 | in progress | 2021 | ||||||||
Total buildings under construction | 18.0 | 72.0 | ||||||||||||||
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Total completed real estate | 0.0 | |||||||||||||||
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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
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 2019, contracts of sale had been notarised for 71 out of 73 residential units, 0 of which with transfer of ownership.
Alter Züriweg, Zufikon AG
Two connected new-build stepped apartment blocks with a total of 20 condominiums and 30 underground parking spaces to Minergie standard with lettable floor space (100% residential) of 2,007 square metres. It is being built by Allreal Generalunternehmung AG and is scheduled for completion in 2021. As at 30 June 2019, contracts of sale had been notarised for none of the 20 residential units, nor had any transfers of ownership been recorded.