Update on 18-Unit Luxury Apartment Development
Eco Buildings Group PLC has provided an update on its luxury 18-unit apartment development in Tirana, Albania, confirming that groundworks are complete and the ground floor is under construction, with rapid progress anticipated. This project, contracted to generate €2.2 million in revenue per apartment block with anticipated 40% gross margins, has already received €440,000 in deposit payments. The company expects this to be the first of six similar blocks, preceding a larger villa development on the same site, utilizing their efficient GFRG material manufactured nearby.
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Eco Buildings Group plc (the "Company") announces, further to its releases on 4 and 9 September 2025, that all groundworks have now been completed on the first luxury 18-unit apartment development (averaging approximately 100 sqm per apartment), with construction of the ground floor now underway. The Company expects to make rapid progress now that construction is underway.
We anticipate this is the first of six apartment blocks of the same size which in themselves are a precursor to a larger villa development at the same site in Albania.
This construction project is undertaken for a large development group in Albania
This project is located in the centre of Tirane and designed as a prestigious upmarket development. This project is contracted to generate revenues of €2.2 million for each apartment block, with anticipated gross margins of 40%. To date the Company has received deposit payments of €440,000
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Dr Etrur Albani, Executive Vice Chairman of Eco Buildings Group plc, commented:
"This contract forms part of the first phase of a leading development which further confirms the highly desirable qualities including very competitively priced and innovative technological advanced systems of production resulting in high quality and very fast delivery. This development located in the prestigious centre of Tirane reflects Eco's abilities to outperform in all areas. The GFRG (glass fibre reinforced gypsum) material at the core of its technology is manufactured very efficiently in its fully operational facility in Durres some 45 minutes away from Tirane itself. This proves Eco's strategy of locating manufacturing lines close to the project sites being most efficient in terms of timing, cost of shipping and a very short supply chain thereby improving the speed of construction.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.