Hungarian property company Ablon has purchased a 5,290 m[sup]2[/sup] plot of land in the centre of Warsaw for an undisclosed sum. The company said it plans to build up to 13 floors of residential space at the site, occupying 17,000 m[sup]2[/sup] for a total development cost of EUR 40 mln. Construction at the site will commence in the third quarter of 2008 and is expected to last two years. Total revenues from the project are estimated at between EUR 70 mln and EUR 85 mln.
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