Foresight reigns

It takes a dozen or so months to acquire a plot, all the necessary permits and complete the designs for a project. Depending on its size, construction may last from several months to almost two years. In the meantime, the market evolves constantly and it may turn out that the finished product won't attract any interest. Can a developer respond to changes in market trends during the design stage? Most who responded to our questions were unanimous in agreeing that a developer's flexibility is one of its most vital qualities. Some, such as Zygmunt Hyla of TK Polska Operations, (the developer of Warsaw's Targówek and Reduta shopping centres and the soon to be launched Galeria Pomorska in Bydgoszcz), however, wouldn't comment, claiming that a firm's adaptability is central to its know-how and not for the prying minds of its competitors. Three stages Financing development projects can be divided into three stages: firstly, that of land acquisition, secondly, obtaining the nece