Most of the “Papieri” units of the first construction phase sold

The Cham Group has sold numerous apartments and studios on the “Papieri” area. 101 of the 105 condominiums, lofts and studios on offer had been reserved within a short time, reported the real estate company on Friday.

 46 condominiums are planned in a high-rise building with a view of Lake Zug and the Alps. A further 52 loft apartments and seven studios will be built in the listed halls located along the Lorze that previously housed paper machines.

Cham expects all the building permits for the first construction phase to become legally binding in the first quarter of 2020. As the dismantling work was already started in June 2019, the construction will probably start on schedule, with the newly constructed or converted buildings gradually becoming ready for occupancy from 2022.

How the apartments on the Papieri site will look one day

The Cham Group is developing a new living and working area on its former factory site in the centre of Cham. The area covers around 110,000 square metres and, once completed, will offer space for around 1,000 apartments and jobs. The area will be developed in stages over a period of 10 to 15 years.

As already announced, the company's shares will only be traded on the Swiss stock exchange for a few days more, with the change to over-the-counter trading taking place automatically, it was reported on Friday. The stocks will be traded on SIX for the last time on next Wednesday. The Cham Group had justified the delisting with the increasing regulatory requirements. The comparatively small market capitalisation would result in disproportionate costs and outlay.