Three of these projects will be in Slovakia. The first is an apartment block to be built on the premises of former threads producer Bratislavská Cvernová Továre (BCT) in Bratislava (at a cost of around Sk8 billion, or €300 million). The second will is a multi-functional block of apartment buildings in Mlynská dolina. The third project, to clear the BCT site, is currently under development.

"Sekyra Group intends to be one of the leading developers and real estate asset managers in the region," said Dr. Ludek Sekyra, chairman of the Board of Sekyra Group. "We want to invest and systematically develop our project portfolio in Slovakia, in order to reach the similar position we hold in the Czech Republic." The developer also plans to enter the UAE this year, and Sekyra has outlined his intention to set up a new real estate fund for small investors.

In a recent interview with the Czech Business Weekly, Sekyra explained that the firm is looking at Russia, Ukraine and Slovakia and this year plans to open offices in Croatia and Romania for retail, residential and hotel projects.

Commenting on residential projects in Moscow and the Ukraine, he said: "On these markets it's more about handling the risk management well rather than about [having enough] capital. There are many legal aspects [like problematic land ownership] that complicate the investments to a certain extent."

The United Arab Emirates is also on the agenda. "According to statistics, 19% of all cranes in the world are now in Dubai," said Sekyra. "We're in concrete negotiations about some mainly residential projects there, to buy plots and invest. Specifically, we're looking at one project valued at €100 million. It would be a tower building, over 40 floors high. If we manage to complete the acquisition this year then construction will start in 2007.

"The market there has its specifics. There's a different legal environment and it's important to have a local partner [to cooperate on projects] there. We've already selected a local financial investor. If we come to an agreement with the partner, who is very interested in cooperation, then it's very likely we will realize the project there."