Much interest shown in Park Tower flats
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While planning permission for the 81-metre-high residential skyscraper on the city's lake shore has not yet been given, there is no shortage of enquiries for people wanting to reserve a flat in the Park Tower development.
That planning permission has not yet been granted is not expected to be a problem as so far there have been no objections to the building and even the cityscape authorities have given their blessing to the project. A decision will be taken by June at the latest.
Possible purchasers can already see an impressive 360° presentation of the building on the website of the developers, Peikert Immobilien. Prices for apartments are as much as CHF 19,000 per square metre from the 9th floor upwards, though below this the price is as low as CHF 11,000 per square metre as residents will not have the benefit of a view over the lake. As to the highest floors, there has been talk of CHF 40,000 per square metre though Bernhard Häni, co-proprietor of Peikert Immobilen, denied the costs would be as high as that. "We have had about 400 enquiries so far," said Häni, "mainly from Swiss people. Some want to buy two or three floors, and not for serviced apartments for businessmen, as in the Foyer development."
Details of the interiors have not yet been decided but the rooms will be very light. What is revolutionary about the marketing is that space as opposed to individual flats is being sold.
As to the people who will actually move there, Markus Risi of the property department of the Zuger Kantonalbank said, "The fact is that there are people who can and who are willing to pay such prices even though the current market for owner-occupied flats is overheated, and not just in Zug." The highest price he had encountered recently was CHF 26,000 per square metre for a flat on the Zuger Hang. He added that, as of the middle of March, there were 1500 dwellings in the course of construction in the area.
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