ASML is once again helping a new construction project out of the doldrums. This time it is Eindhoven’s turn. This is a project with almost 250 social rental apartments in the city center. ASML guarantees a maximum of two million euros if the project is loss-making. It is the second municipality where ASML lends a helping hand.
On Wednesday, the tech giant announced that it will financially help build thousands of affordable homes in the Brainport region. Where new construction projects are progressing at a slow pace or even stalling, the chip machine manufacturer will give a push. That is unique, never before in the forty years of the Veldhoven giant’s existence has the company helped with housing construction.
New construction at Philips stadium
The first project where this will happen is in Veldhoven, the home base of ASML. Together with project developers, another 130 rental apartments will be built this year.
It was announced on Thursday that the high-tech company will also help in Eindhoven. This is a new construction project on the site of the TAC building, next to the Philips Stadium. Focus Real Estate, the municipality of Eindhoven, the government and Woonbedrijf also contribute. The government is contributing 2.5 million euros for the construction.
Improved plan
The Philips Stadium will have a total of 249 apartments, spread over three buildings. Construction will start shortly.
The vast majority of these homes are intended for social rental, namely 85 percent. The remaining 15 percent is for mid-range rent. That is more than initially envisaged. The original plan was to make 30 percent of the apartments for social rental and half for mid-range rental.
ASML does not earn a cent on new apartments
ASML does not want to make a profit on construction projects. If the project is loss-making upon completion, ASML will absorb part of the loss. In Eindhoven this is up to two million euros. In Veldhoven it is almost the same amount.
If a relatively large profit is made, part of it will go to the aid organization Brainport for Each Otherfor people with (financial) problems in the Brainport region.
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This will be the very first new construction project that ASML is helping with