Project development and construction company Skanska has announced a Kč 1.6bn ($76.59m) investment in a new residential project in the Czech Republic.

The construction, part of the D.O.K. Radlice project, valued at Kč 1.0bn, is set to be recorded in the company's European order intakes for the second quarter of 2025.

This project in Prague's Radlice district will consist of 177 low-energy apartments across three residential buildings, with one becoming the largest wooden residential building in the Czech Republic.

Located near natural monuments and green spaces, the development aims to foster a quiet living environment, complete with a courtyard and playground.

The single-phase project's design prioritises sustainability, incorporating green infrastructure to achieve a substantially lower carbon footprint.

A preliminary analysis suggests that the wooden structure could halve the volume of concrete typically required and reduce carbon dioxide emissions by up to one-third compared to traditional building methods.

The buildings aim to achieve a high rating within the Building Research Establishment Environmental Assessment Method (BREEAM) international sustainability certification.

Construction is expected to be completed in 2027.

Skanska, with a workforce of approximately 26,500, operates in select markets in the Nordics, Europe, and the US.

Last month, the company won a significant contract in the US, valued at $250m, to construct a new parking garage and carry out enhancements at Logan Airport’s Terminal E in Boston.

This project is part of the Massachusetts Port Authority's Terminal E Renovation and Expansion Program.

Additionally, Skanska was awarded a Nkr360m contract by the Gjesdal Municipality in Norway for the construction of the Gjesdal Health Center in Rogaland County.