11 Residential Projects To Start Up This Year

Real-estate developers said in January that 11 new projects would take shape in 2008, promising to deliver 7,800 housing units over a two-year period.

Real-estate developers said in January that 11 new projects would take shape in 2008, promising to deliver 7,800 housing units over a two-year period.

Nine of these projects will be developed in Bucharest, and one each – in Iasi and Sibiu cities. Ionut Bordei, partner with the Eurisko real-estate company, said the prices per housing unit would continue to go up. “True, the prices will grow at a slower pace, but nevertheless growing they will, as the construction costs are not going down either,” Bordei said.

By the end of 2008 some 5,000 housing units will be delivered in Bucharest, said Bordei, adding that the building rhythm will pick up every year.

PIPERA DISRTRICT. The Creativ Global Property company said it would start building in May some 1,000 housing units, plus office buildings and shopping malls. The project will be developed on 12 hectares at a 700 million euros price tag, drawn from company funds and bank credits, said Marius Ivan, one of the founders of Dufa Romania. Also this spring, the Greek fund Global Finance will start building its real-estate project on a 6.5 hectares, close to the American School in Pipera.

VOLUNTARI DISTRICT. Willbrook Management company, which developed the office building Cathedral Plaza, controversially placed next to the Catholic Cathedral in Bucharest, will build in Voluntari some 2,000 apartments and office buildings, said company director Daiana Voicu. She said the 900 million euros investment would actually start in 18 months.

FLOREASCA DISTRICT. Global Finance company will build at a 150 million euros price tag apartment buildings, office buildings and commercial areas on land bought from the Automatica company in Bucharest. “Actual construction will start in the second half of 2008,” said financial director Elias Georgandas.

CORBEANCA DISTRICT. The American company Asset Management System will build 800 villas in Corbeanca, in 40 different types of models, built on plots of 500 to 1.200 sqm, and having built areas ranging from 150 to 450 sqm. “Construction work will start in March and is estimated to cost some 300 million euros,” said Eurometropola company, the project promoter. While the Cypriot companies A. Panayides and TerraKapital will build some 120 villas and 150 apartments, located in the Paradise Gardens dwelling area.

TITAN DISTRICT. Conrag construction company will build the Sunrise Complex next to the Auchan supermarket. This will encompass 11 buildings with a total of 988 apartments with one to four rooms each. The apartments are already on the market, and will be ready by the end of 2009, and the first half of 2010. In the same district BRC Business Group company started the second stage of the Citadella Titan residential project, which will put another 112 new dwelling units on the market, said Regatta, the real-estate agent for the project. The Citadella housing area consists of 210 dwelling units, ramgomg from studios to four-room apartments. Construction for the first building reached the third floor, and the second building was put on the market in January.

DRUMUL TABEREI DISTRICT. Sunset Residences is the name of the housing area to be built here. It consists of 2,120 apartments on the Timisoara Boulevard. The ten buildings will be 16-floor high, and consist of studios of 58 sqm, two-room apartments of 75 to 105 sqm, three-room apartments, of 120 to 180 sqm, and four-room apartments, of 170 sqm. The pent-houses here go from 225 to 235 sqm. Four of the buildings will be completed by 2009, and the remaining six – by 2012. The total investment is estimated at 300 million euros.

SIBIU CITY. The Interstil ltd company from Galati will develop in Sibiu three tower-buildings of 200 apartments each, said Octav Manaila, the company manager. The construction area will go on an 8,000 sqm area between Podul Garii and Stefan cel Mare street, and is estimated to cost 15 million euros.

IASI CITY. Red Management company will invest here 35 million euros in a residential project encompassing seven buildings of 336 apartments, said DTZ Echinox, the agent for the project. The Arena Residential area will be developed in Tatarasi district, on 13,904 sqm. The first stage will be completed at the beginning of 2009, and the rest – one year later.

• Translated by Anca Păduraru