LONDON (ShareCast) - (Sharecast News) - Eco Buildings Group said on Monday that it has completed the groundworks and foundations for its 18-unit apartment development in Tirana, Albania, marking a key milestone in the project's delivery and triggering the first contract payment.
The AIM-traded modular housing specialist said the milestone led to receipt of an initial €0.22m, representing 10% of the contract value, from the project developer.

Construction of the ground floor had now startedf, with the firm expecting to complete the project ahead of schedule.

The update followed September announcements confirming that 40% of project materials had already been produced and stocked.

Eco Buildings said progress remained consistent with the previously communicated six-to-nine-month delivery timeframe.

The Tirana development represented the company's first major project in Albania and was part of a growing pipeline in the country.

Negotiations were reportedly underway for a further three to four apartment blocks, while discussions were continuing for a wider rollout of its technology across Albania.

The development, being advanced in partnership with a leading local property group, would ultimately comprise six apartment blocks and multiple detached villas.

"Eco Buildings continues to position itself as a leading innovator in sustainable modular housing, combining speed of construction, reduced carbon footprint, and enhanced thermal performance to address the growing demand and shortage of housing across Europe and emerging markets," said executive vice-chairman Dr Etrur Albani.

"The company will provide further updates as the Albanian project reaches new construction milestones and as the additional apartment blocks are formally contracted."

Eco Buildings said its proprietary glass fibre reinforced gypsum (GFRG) modular system was designed to deliver high-quality, energy-efficient housing at lower cost and faster speed.

The company said it aimed to expand production capacity internationally through partnerships with governments and developers to meet global housing demand.

At 1203 GMT, shares in Eco Buildings Group were up 8.6% at 24p.

Reporting by Josh White for Sharecast.com.

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