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20/2014 Information Management Board of the entry into force of the Local Master Plan for redevelopment of Orłów Piastowskich street area – Part I

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (“the Company”) hereby informs about the last stage of formal validation and obligation of the Local Master Plan for redevelopment of Orłów Piastowskich street area – Part I occurred on 15th of August of 2014.
3rd of July of 2014, the Council of the Capital City of Warsaw passed a resolution no. nr LXXXV/2213/2014 on the adoption of local zoning plan of the Orłów Piastowskich street area Part I. Adoption of a resolution by the City Council launched the final stage of implementation of this Plan.

On 15th of July of 2014 resolution was published in the Official Journal of the Mazowian Voivodship (Dz.Urz.Woj.Maz. 2014.6903).

The resolution, together with all the documentation has been forwarded to the Mazowian Governor who published Boards Settlement on 5th of July of 2014 in the Official Journal of Mazowian Voivodship (Dz.Urz.Woj.Maz. 2014.7630.

Therefore, the resolution, as amended by the Mazowian Governor, shall enter into force after 30 days from the date of its publication in the Official Journal, i.e. on 15th of August of 2014.

Works on the Master Plan since the moment of enactment of the study of conditions and directions of spatial development of the Capital City Warsaw with the amendments, and adoption of resolution on the accession Master Plan for Orłów Piastowskich street area lasted nearly eight years.

This document allows to start revitalization of postindustrial sites and urban arrangement of an area of about 220 hectares, which constitutes 25% of the entire district of Ursus. Currently, the area has the substantial potential for investment in Warsaw covered with the Master Plan having a modern infrastructure solutions in the sector of public transport completed in 2013 and placed 9 km from the city center.

In accordance to the Master Plan, the area owned by Celtic Group gives capabilities of building modern urban spatial investment with a usable area of approximately 740 thousand square meters where approximately 450 thousand square meters can be used for housing and 250 thousand for commercial service and 40 thousand square meters of public use buildings. The Company intends to adopt the above assumptions, in order to optimize buildings area and increase the attractiveness of the location for prospective residents and thereby maximize the value of the project.

Celtic Group is planning to develop a multifunctional urban area of residential buildings comprising mainly 40 -80 sq.m. flats.

The adoption of Master Plan and infrastructure investments have opened a new chapter in the history of the Ursus district. Development of a large area and returning to residents are not only the revitalization process. It’s a great start of the investment process, creating of new jobs, new residents settle and realization of many investments are important for the district.

It is also the implementation of a new model of cooperation between the city, district and investors. In the process of adopting a Master Plan, Celtic Group donated to the city more than 8 hectares of land allocated for public investment.

Later this year, Celtic Group will begin the first phase of its investment plans. Details will be published on the web page www.celtic.pl
Signatures of persons entitled to representation:
Elżbieta Wiczkowska, President of the Board, 15 August, 2014

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