At the end of January, the Teichgasse project in Favoriten was handed over to the investor of a private foundation in Vienna.
This first project from 6B47 Wohnbauträger GmbH, a subsidiary of 6B47 Real Estate Investors AG, was completed together with Weissel construction company. Thirty-five low-cost rental apartments will be made available in the 2,100m² of usable space,. Future residents will benefit from the optimal connection to public transportation, an excellent infrastructure, and the close vicinity to the recreational area Liesingbach.
The units are divided into 1 to 4 room apartments with either loggias, balconies, terraces or private gardens. The property also offers green inner courtyard with a playground for toddlers and an underground car park.
Increasing demand for affordable housing
Overall, 6B47 will be focusing on projects in the affordable segment of owner-occupied and rental apartments in the coming years and increase the residential construction activity of the 6B47 Group in the low-cost segment in Vienna and Lower Austria. 6B47 targets projects in up-and-coming neighborhoods or outlying areas with excellent transportation connections.
"We use the net median income as the guide for affordability. The approach for affordable gross rental cost is that it should account for 30 to 33 percent of the net median income, "said Peter Ulm, CEO of 6B47 Real Estate Investors AG. "Implementing this requires a selective purchasing strategy and accurate and efficient planning. Our goal in designing apartments is to create livable and affordable living spaces. The efficient use of each square meter is the focus; the quality of each individual room is crucial."