Bouygues Immobilier sets up low-cost house building unit

Bouygues Immobilier, the property division of France's Bouygues, has set up a new subsidiary, Maisons Elika, to build private homes targeted at households with a net monthly income of less than EUR 2,500. Maisons Elika has already started five projects and aims to build 1,000 houses a year by 2010. The new subsidiary will build four-room houses of 83 m2, with a parking space and a 200 m[sup]2[/sup] garden. The new houses will have a sale price of EUR 145,000 before legal costs, Freemans Europe reported.

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