Romania Report Business News
Romania Report News is your one stop source for relevant, key new stories delivered as they break, on the investment front in Romania. We search all local and foreign press, translating stories into English when (as often) is needed and deliver them to you here on our web site and via RSS.
Eurobank Real Estate bought an office building in Bucharest for 40 million euros
Eurobank Real Estate Investment company, a member of Greek group EFG Eurobank group, bought for 40 million euros an office building developed by a group of businessmen from Greece and Great Britain in the North of the Capital.
In May, Biri? Goran announced that the group of Greek and British investors sold the residential ensemble Upground and two office buildings, for 340 million euros, to the real estate investment company RREEF Real Estate, part of the German group Deutsche Bank. The residential project will be built in the boulevard Barbu V?c?rescu area and will include 600 apartments, with an area of 126,000 square meters, and three office buildings will be developed in their vicinity, totalling a lettable area of 100,000 square meters. At the end of last year, the representatives of the developer said that the investment allocated to the project was 260 million euros, and after finalisation it would have a market value of 450 million euro. At that time, the value of the investment for the construction of the residential ensembles was estimated at 100 million euros, and for the office buildings at 160 million euros. The company paid 50 million euros for the acquisition of the land. The construction of the project was initiated in March last year, and the works are due to be finalised in 2009.
More...
PwC: Romania stays attractive for real estate investors
The Romanian real estate market continues to stay attractive for the real estate investors, due to the high profitability rate here, the same as in neighbouring Bulgaria. Nevertheless, certain corrections should be made on the commercial spaces segment, with the offer exceeding by far the demand in several regions of the country, according to a study of PricewaterhouseCoopers (PwC). "According to the available public data, the index showing the appreciation of the offer of such spaces for retail (that is the number of sq m per 1,000 people) in Romania last year was 5 or 6 times smaller compared with the European average," reads a release of PwC Romania, showing the result of the "Emerging Trends in Real Estate Europe 2008" report.
Find out more ...
Romania GDP growth outpacing the EU average
Economic growth in Romania is outpacing the EU average, according to new statistics. According to the National Institute of Statistics and Eurostat, Romania saw its gross domestic product go up by 8.2% during the first three months of 2008. This is more than three times the amount that was recorded across the EU as a whole during the same period! In addition, the figure is also up from 6% in the first quarter of 2007, which was Romania?s first year as an EU member. According to finance minister Varujan Vosganian, this trend has been driven by growth in the construction and service sectors. The economic boom is the biggest the country experienced since 1990 after the overthrown of the Communist regime. Special note was given to the Building industry where growth rates are 50% y/y. Still demand for new property, especially new houses/villas is phenomenal. A key note was also given to the constructions in the holiday spots such as the Black Sea coast. This suggests that the growth of tourism and overseas property investment is having a positive impact on the Romanian economy. Property in the eastern European country is currently in high demand. This has led to supply being fairly restricted, which in turn has made available properties much more highly sought-after, thus increasing their prices. Moreover the Finance Ministry just announced that June indicators show that the annual GDP expansion in Romania will continue above 8% for the rest of the year.
posted in the Romania bussines section
Hot summer for travel revenues: 350m euros
Revenues are expected to reach 350 million euros on the Romanian Black Sea coast during the summer season, up 20% against the same time last year, with 1.4 million travel packages estimated to be sold. According to travel agency representatives, the rise in demand is noticeable particularly on the three-star segment, with Romanian tourists becoming increasingly demanding as their standard of living increases. (Source )
575m euros available for companies that create over 500 jobs
The companies that invest more than 100 million euros and thus create at least 500 jobs will get state aid worth up to 25 million euros, with the total value of funds allocated for 2008-2012 standing at 575 million euros.
Find out how , here
Raiffeisen Investment: 3.3 billion euros' worth of acquisitions in H1
"An over 150% increase somewhat contrasts with the current crisis international markets are experiencing."
Find out the reason why here
Colliers posts over 10 million-euro revenues in H1
Real estate consultancy company Colliers International, the largest player on the domestic market in terms of turnover (21.2 million euros in 2007), posted more than 10 million euros in revenues in the first half of the year, an increase of 20% against the same period last year. The increase was primarily due to the valuation department, whose revenues increased by 160% as a result of the services provided to companies such as Petrom, BRD, BCR and Austrian investment fund Immoeast. In addition, Colliers International has become the exclusive evaluator of the Romanian and Eastern European properties of Immoeast, the leading buyer of real estate assets on the Romanian market.
Source :http://www.zf.ro/articol_179631/colliers_posts_over_10_million_euro_revenues_in_h1.html
Copper Beech wants to build 17,000 homes
Diwaker Singh, CEO, chairman and shareholder in developer Copper Beach, also known in Romania for his stint with Telemobil (Zapp), wants to build 17,000 homes . The firm is controlled by Singh and another 22 investors from London and currently owns 600 hectares of land in Bucharest and surrounding towns, for which it paid around 55m euros from its own funds. The company's first project, a small one, 156 apartments in Colentina, will be finalised next summer.
Read the interview at :http://www.zf.ro/articol_177851/copper_beech_wants_to_build_17_000_homes.html
Immoeast and S+B Gruppe 220m euro project in Sibiu
Austrian investment fund Immoeast, the leading owner of real estate assets on the domestic market, and S+B Gruppe, also based in Austria, have announced they intend to develop a real estate project in Sibiu following a 220 million-euro investment. The two partners will carry out their investment through a joint venture, S+B CEE, equally held. S+B Gruppe has a number of projects running in Bucharest, which includes Pipera Business Tower, a 11,500 square metre building, according to the company's website. Along with the projects in the capital, the company is also running investments in Arad, Targu-Mures, Sibiu, Oradea and Satu Mare. The project in Sibiu, which will include a shopping complex, office and residential buildings, will be developed in three stages. The first will be the Sibiu City Center mall, with a lettable area of 38,000 square metres, which will require about 120 million euros in investments. The shopping complex will be built on the plot of land that Immoeast bought from Boromir for about 9.4 million euros in 2007. Construction is scheduled to start next spring and be completed in 2010.
Source : http://www.zf.ro/articol_174762/immoeast_and_s_b_gruppe_220m_euro_project_in_sibiu.html
Two deals revive real estate market in second quarter
Real estate investors returned to the market in the second quarter with two deals worth half a billion euros in total.Acquisitions sealed by Deutsche Bank and DEGI, investors that signed deals worth 500m euros in May, indicate that large funds' appetite for the Romanian market remains high and solid projects will still find buyers. The volume of deals concluded in the first half of the year is not higher than 1bn euros, but consultants believe that this year will bring a new record on the investment market, as was the case in the past 3-4 years. "The investment market is following an upward trend, also confirmed by recent transactions. By yearend we'll overshoot the investment volume of 2007," believes Bogdan Georgescu, manager of Colliers International consultancy, the most active player on the market. Clinching a deal worth hundreds of million euros can take around six months.
Click here for the entire interview
Supply of new homes in Bucharest is a quarter of demand
Real estate developers will deliver around 40,000 new apartments onto the Bucharest market in the coming five or seven years, three times lower than the demand, estimated at 130,000 units, Simina Istrate, head of the investment team within the residential division of Colliers International, told ZF. "This year, 9,500 new apartments are available for sale in Bucharest, with the other units to be absorbed by the market in the coming few years, however, they are not enough to cover the apartment shortage," said the Colliers representative in a seminar on real estate, organised by Business Standard daily. The first quarter of this year saw the acquisition of 2,000 new apartments, 81% more than the same time last year. The sales price of new apartments climbed by up to 30% in the first quarter of this year against the same time last year. "For new apartments, prices will continue to go up, due to the rising price of land and construction materials," she added. .
Source : ZF
Ram Global to invest 250m euros in real estate
Real estate developer Ram Global Group, controlled by Israeli businessmen, will invest about 250 million euros primarily on the residential segment in the next three years, as well as in shopping projects and office buildings. The main target of the company is Bucharest, although Ram Global is also looking for opportunities in Cluj, Brasov, Iasi, Timisoara and Constanta. "We will focus on residential projects for the middle-income earners, which is the most important market segment. So far we have invested 100 million euros on the Romanian market, especially in residential projects," stated Moshe Charash, one of Ram Global Group shareholders. The company is currently developing a project called Casablanca, which comprises 1,260 flats in Titan district, a 140 million-euro investment. The project, set to include seven 18-storey tall blocks of flats will be developed on a 36,000 square metre plot of land close to Theodor Pallady Blvd. Adapted from Zf
Tiriac has 1bn-euro project near Otopeni airport
Tiriac Imobiliare, the real estate division of the Tiriac group, will invest between 500 million euros and one billion euros in a mixed real estate project on the site of the former Metro Otopeni, near the Henri Coanda airport, on an 88-hectare plot. The project could include an exhibition centre and a hotel, given its closeness to the airport, according to market sources. This will be the biggest real estate investment of the Tiriac group, which plans to see the total market value of its project reach 900 million euros by 2010. "The investment in the project could amount to 500 million euros - one billion euros in the coming years, depending on the type of real estate project we will decide on. This will be the biggest real estate project developed by the Tiriac group, and could also include a hotel," Anca Ioan, CEO of Tiriac Holdings, told ZF. Given the size of the project, Tiriac Imobiliare could bring an experienced foreign partner on board, according to market information.
Source :ZF
Dufa founder will invest 1.5bn euros in properties
Marius Ivan, one of the founders of paint and varnish producer Dufa Romania (Dufa Deutek), plans to invest 1.5bn euros in the coming years in real estate projects in several Romanian cities together with his Irish partner Tom Quinn through Creativ Global Property company. Ivan will launch a 700m-euro project in Bucharest and subsequently develop projects in Brasov, Cluj and Iasi, reads Business Construct monthly. Funds for development will come from banks and the businessman's own resources. "So far, we've invested over 100m euros to acquire more than 200 hectares of land in Bucharest, Cluj, Iasi and Brasov, where we intend to develop real estate projects, with the biggest project located in the Pipera area of Bucharest," stated Ivan. Most projects will be office spaces, but the company's officials are also considering the acquisition of some finished projects. The company's biggest investment will be Pipera City mixed project, scheduled for 2011 in the wake of investments worth 700m-euro, the project will include 200,000 square metres of office and 30,000 square metres of commercial space, as well as over 800 housing units. The 12-hectare plot of land was acquired in 2006 for around 40m euros. The company has so far managed to attract loans worth 80m-euro from Bancpost, to complement its about 30 million-euro capital. "These funds are sufficient to develop the first part of the project," specifies Ivan. The real estate market will continue to grow due to higher investments and incomes, which are boosting consumption. Ivan says that he has received a lot of offers for Pipera City, but no decision has been made whether other shareholders will be attracted. The company has already invested 21m euros in North Gate Center office project in Pipera, with a lettable area of 21,000 square metres, and Ivan does not consider exiting the project earlier than next year. The company's investments are currently concentrated in Pipera where the group owns several plots of land. "Pipera is the second centre of Bucharest, and in around two or three years, the infrastructure will be much better. Pipera is the cosmopolitan part of Bucharest, which, together with Baneasa, are the future areas of the capital city," explains the chairman of Creativ Global Property. Ivan developed his first business in the early '90s, when he owned, together with other partners, a home appliances business. He subsequently founded Dufa. In 2005, the business was sold to Advent. In 1999, Ivan became the general manager in Henkel Bautechnik Romania. In the early 2006, he exited the business and invested the money he received in Creativ Invest, which became Creativ Global Property after the partnership with Tom Quinn through Kenaston Holdings was sealed, and in Global Design construction materials network. Marius Ivan ? Will invest 1.5bn euros in the coming years in real estate projects in several Romanian cities together with his Irish partner Tom Quinn, through Creativ Global Property company ? Will launch a 700m-euro project in Bucharest and subsequently expand in Brasov, Cluj and Iasi ? Developed his first business in the early '90s when he owned, together with other partners, a home appliances business
Find the entire story here
Romanian-Israeli company develops 22m-euro real estate project in Bran
AlfRom Holding and Kadna Real Estate, which operate with Romanian and Israeli capital respectively, have started the construction of 192 holiday flats in the Bran area, with the total value of the project above 22 million euros, Stefan Kovacs, general manager at Kadna, told MEDIAFAX agency. The complex, called "Floarea de Colt", is being developed on a 16,700 square-metre plot of land and will eventually consist of 12 villa-type buildings, which will include a total of 192 housing units, from studios to three and four-room duplexes. Construction works started in August, and the first villas will be available by the spring of next year. The deadline for the whole project is the middle of 2009. "The studios have a surface area of 52 square metres, the two-room flats cover 72 square metres, while the two and three-room duplexes stretch over 109 and 141 square metres respectively. Prices range from 67,000 euros (plus VAT) for a studio, to 178,000 euros (plus VAT) for a four-room duplex. The flats were put up for sale at the start of this month," said Kovacs. He added that the project's total value would exceed 22 million euros. "These are holiday flats. We target people who want to have a home in the mountains and can choose to rent out the property when they are not using it," specified Kovacs.
Adapted from ZF
Newsfeed display by CaRP
Romania Report News is your one stop source for relevant, key new stories delivered as they break, on the investment front in Romania. We search all local and foreign press, translating stories into English when (as often) is needed and deliver them to you here on our web site and via RSS.
Eurobank Real Estate bought an office building in Bucharest for 40 million euros
Eurobank Real Estate Investment company, a member of Greek group EFG Eurobank group, bought for 40 million euros an office building developed by a group of businessmen from Greece and Great Britain in the North of the Capital.
In May, Biri? Goran announced that the group of Greek and British investors sold the residential ensemble Upground and two office buildings, for 340 million euros, to the real estate investment company RREEF Real Estate, part of the German group Deutsche Bank. The residential project will be built in the boulevard Barbu V?c?rescu area and will include 600 apartments, with an area of 126,000 square meters, and three office buildings will be developed in their vicinity, totalling a lettable area of 100,000 square meters. At the end of last year, the representatives of the developer said that the investment allocated to the project was 260 million euros, and after finalisation it would have a market value of 450 million euro. At that time, the value of the investment for the construction of the residential ensembles was estimated at 100 million euros, and for the office buildings at 160 million euros. The company paid 50 million euros for the acquisition of the land. The construction of the project was initiated in March last year, and the works are due to be finalised in 2009.
More...
PwC: Romania stays attractive for real estate investors
The Romanian real estate market continues to stay attractive for the real estate investors, due to the high profitability rate here, the same as in neighbouring Bulgaria. Nevertheless, certain corrections should be made on the commercial spaces segment, with the offer exceeding by far the demand in several regions of the country, according to a study of PricewaterhouseCoopers (PwC). "According to the available public data, the index showing the appreciation of the offer of such spaces for retail (that is the number of sq m per 1,000 people) in Romania last year was 5 or 6 times smaller compared with the European average," reads a release of PwC Romania, showing the result of the "Emerging Trends in Real Estate Europe 2008" report.
Find out more ...
Romania GDP growth outpacing the EU average
Economic growth in Romania is outpacing the EU average, according to new statistics. According to the National Institute of Statistics and Eurostat, Romania saw its gross domestic product go up by 8.2% during the first three months of 2008. This is more than three times the amount that was recorded across the EU as a whole during the same period! In addition, the figure is also up from 6% in the first quarter of 2007, which was Romania?s first year as an EU member. According to finance minister Varujan Vosganian, this trend has been driven by growth in the construction and service sectors. The economic boom is the biggest the country experienced since 1990 after the overthrown of the Communist regime. Special note was given to the Building industry where growth rates are 50% y/y. Still demand for new property, especially new houses/villas is phenomenal. A key note was also given to the constructions in the holiday spots such as the Black Sea coast. This suggests that the growth of tourism and overseas property investment is having a positive impact on the Romanian economy. Property in the eastern European country is currently in high demand. This has led to supply being fairly restricted, which in turn has made available properties much more highly sought-after, thus increasing their prices. Moreover the Finance Ministry just announced that June indicators show that the annual GDP expansion in Romania will continue above 8% for the rest of the year.
posted in the Romania bussines section
Hot summer for travel revenues: 350m euros
Revenues are expected to reach 350 million euros on the Romanian Black Sea coast during the summer season, up 20% against the same time last year, with 1.4 million travel packages estimated to be sold. According to travel agency representatives, the rise in demand is noticeable particularly on the three-star segment, with Romanian tourists becoming increasingly demanding as their standard of living increases. (Source )
575m euros available for companies that create over 500 jobs
The companies that invest more than 100 million euros and thus create at least 500 jobs will get state aid worth up to 25 million euros, with the total value of funds allocated for 2008-2012 standing at 575 million euros.
Find out how , here
Raiffeisen Investment: 3.3 billion euros' worth of acquisitions in H1
"An over 150% increase somewhat contrasts with the current crisis international markets are experiencing."
Find out the reason why here
Colliers posts over 10 million-euro revenues in H1
Real estate consultancy company Colliers International, the largest player on the domestic market in terms of turnover (21.2 million euros in 2007), posted more than 10 million euros in revenues in the first half of the year, an increase of 20% against the same period last year. The increase was primarily due to the valuation department, whose revenues increased by 160% as a result of the services provided to companies such as Petrom, BRD, BCR and Austrian investment fund Immoeast. In addition, Colliers International has become the exclusive evaluator of the Romanian and Eastern European properties of Immoeast, the leading buyer of real estate assets on the Romanian market.
Source :http://www.zf.ro/articol_179631/colliers_posts_over_10_million_euro_revenues_in_h1.html
Copper Beech wants to build 17,000 homes
Diwaker Singh, CEO, chairman and shareholder in developer Copper Beach, also known in Romania for his stint with Telemobil (Zapp), wants to build 17,000 homes . The firm is controlled by Singh and another 22 investors from London and currently owns 600 hectares of land in Bucharest and surrounding towns, for which it paid around 55m euros from its own funds. The company's first project, a small one, 156 apartments in Colentina, will be finalised next summer.
Read the interview at :http://www.zf.ro/articol_177851/copper_beech_wants_to_build_17_000_homes.html
Immoeast and S+B Gruppe 220m euro project in Sibiu
Austrian investment fund Immoeast, the leading owner of real estate assets on the domestic market, and S+B Gruppe, also based in Austria, have announced they intend to develop a real estate project in Sibiu following a 220 million-euro investment. The two partners will carry out their investment through a joint venture, S+B CEE, equally held. S+B Gruppe has a number of projects running in Bucharest, which includes Pipera Business Tower, a 11,500 square metre building, according to the company's website. Along with the projects in the capital, the company is also running investments in Arad, Targu-Mures, Sibiu, Oradea and Satu Mare. The project in Sibiu, which will include a shopping complex, office and residential buildings, will be developed in three stages. The first will be the Sibiu City Center mall, with a lettable area of 38,000 square metres, which will require about 120 million euros in investments. The shopping complex will be built on the plot of land that Immoeast bought from Boromir for about 9.4 million euros in 2007. Construction is scheduled to start next spring and be completed in 2010.
Source : http://www.zf.ro/articol_174762/immoeast_and_s_b_gruppe_220m_euro_project_in_sibiu.html
Two deals revive real estate market in second quarter
Real estate investors returned to the market in the second quarter with two deals worth half a billion euros in total.Acquisitions sealed by Deutsche Bank and DEGI, investors that signed deals worth 500m euros in May, indicate that large funds' appetite for the Romanian market remains high and solid projects will still find buyers. The volume of deals concluded in the first half of the year is not higher than 1bn euros, but consultants believe that this year will bring a new record on the investment market, as was the case in the past 3-4 years. "The investment market is following an upward trend, also confirmed by recent transactions. By yearend we'll overshoot the investment volume of 2007," believes Bogdan Georgescu, manager of Colliers International consultancy, the most active player on the market. Clinching a deal worth hundreds of million euros can take around six months.
Click here for the entire interview
Supply of new homes in Bucharest is a quarter of demand
Real estate developers will deliver around 40,000 new apartments onto the Bucharest market in the coming five or seven years, three times lower than the demand, estimated at 130,000 units, Simina Istrate, head of the investment team within the residential division of Colliers International, told ZF. "This year, 9,500 new apartments are available for sale in Bucharest, with the other units to be absorbed by the market in the coming few years, however, they are not enough to cover the apartment shortage," said the Colliers representative in a seminar on real estate, organised by Business Standard daily. The first quarter of this year saw the acquisition of 2,000 new apartments, 81% more than the same time last year. The sales price of new apartments climbed by up to 30% in the first quarter of this year against the same time last year. "For new apartments, prices will continue to go up, due to the rising price of land and construction materials," she added. .
Source : ZF
Ram Global to invest 250m euros in real estate
Real estate developer Ram Global Group, controlled by Israeli businessmen, will invest about 250 million euros primarily on the residential segment in the next three years, as well as in shopping projects and office buildings. The main target of the company is Bucharest, although Ram Global is also looking for opportunities in Cluj, Brasov, Iasi, Timisoara and Constanta. "We will focus on residential projects for the middle-income earners, which is the most important market segment. So far we have invested 100 million euros on the Romanian market, especially in residential projects," stated Moshe Charash, one of Ram Global Group shareholders. The company is currently developing a project called Casablanca, which comprises 1,260 flats in Titan district, a 140 million-euro investment. The project, set to include seven 18-storey tall blocks of flats will be developed on a 36,000 square metre plot of land close to Theodor Pallady Blvd. Adapted from Zf
Tiriac has 1bn-euro project near Otopeni airport
Tiriac Imobiliare, the real estate division of the Tiriac group, will invest between 500 million euros and one billion euros in a mixed real estate project on the site of the former Metro Otopeni, near the Henri Coanda airport, on an 88-hectare plot. The project could include an exhibition centre and a hotel, given its closeness to the airport, according to market sources. This will be the biggest real estate investment of the Tiriac group, which plans to see the total market value of its project reach 900 million euros by 2010. "The investment in the project could amount to 500 million euros - one billion euros in the coming years, depending on the type of real estate project we will decide on. This will be the biggest real estate project developed by the Tiriac group, and could also include a hotel," Anca Ioan, CEO of Tiriac Holdings, told ZF. Given the size of the project, Tiriac Imobiliare could bring an experienced foreign partner on board, according to market information.
Source :ZF
Dufa founder will invest 1.5bn euros in properties
Marius Ivan, one of the founders of paint and varnish producer Dufa Romania (Dufa Deutek), plans to invest 1.5bn euros in the coming years in real estate projects in several Romanian cities together with his Irish partner Tom Quinn through Creativ Global Property company. Ivan will launch a 700m-euro project in Bucharest and subsequently develop projects in Brasov, Cluj and Iasi, reads Business Construct monthly. Funds for development will come from banks and the businessman's own resources. "So far, we've invested over 100m euros to acquire more than 200 hectares of land in Bucharest, Cluj, Iasi and Brasov, where we intend to develop real estate projects, with the biggest project located in the Pipera area of Bucharest," stated Ivan. Most projects will be office spaces, but the company's officials are also considering the acquisition of some finished projects. The company's biggest investment will be Pipera City mixed project, scheduled for 2011 in the wake of investments worth 700m-euro, the project will include 200,000 square metres of office and 30,000 square metres of commercial space, as well as over 800 housing units. The 12-hectare plot of land was acquired in 2006 for around 40m euros. The company has so far managed to attract loans worth 80m-euro from Bancpost, to complement its about 30 million-euro capital. "These funds are sufficient to develop the first part of the project," specifies Ivan. The real estate market will continue to grow due to higher investments and incomes, which are boosting consumption. Ivan says that he has received a lot of offers for Pipera City, but no decision has been made whether other shareholders will be attracted. The company has already invested 21m euros in North Gate Center office project in Pipera, with a lettable area of 21,000 square metres, and Ivan does not consider exiting the project earlier than next year. The company's investments are currently concentrated in Pipera where the group owns several plots of land. "Pipera is the second centre of Bucharest, and in around two or three years, the infrastructure will be much better. Pipera is the cosmopolitan part of Bucharest, which, together with Baneasa, are the future areas of the capital city," explains the chairman of Creativ Global Property. Ivan developed his first business in the early '90s, when he owned, together with other partners, a home appliances business. He subsequently founded Dufa. In 2005, the business was sold to Advent. In 1999, Ivan became the general manager in Henkel Bautechnik Romania. In the early 2006, he exited the business and invested the money he received in Creativ Invest, which became Creativ Global Property after the partnership with Tom Quinn through Kenaston Holdings was sealed, and in Global Design construction materials network. Marius Ivan ? Will invest 1.5bn euros in the coming years in real estate projects in several Romanian cities together with his Irish partner Tom Quinn, through Creativ Global Property company ? Will launch a 700m-euro project in Bucharest and subsequently expand in Brasov, Cluj and Iasi ? Developed his first business in the early '90s when he owned, together with other partners, a home appliances business
Find the entire story here
Romanian-Israeli company develops 22m-euro real estate project in Bran
AlfRom Holding and Kadna Real Estate, which operate with Romanian and Israeli capital respectively, have started the construction of 192 holiday flats in the Bran area, with the total value of the project above 22 million euros, Stefan Kovacs, general manager at Kadna, told MEDIAFAX agency. The complex, called "Floarea de Colt", is being developed on a 16,700 square-metre plot of land and will eventually consist of 12 villa-type buildings, which will include a total of 192 housing units, from studios to three and four-room duplexes. Construction works started in August, and the first villas will be available by the spring of next year. The deadline for the whole project is the middle of 2009. "The studios have a surface area of 52 square metres, the two-room flats cover 72 square metres, while the two and three-room duplexes stretch over 109 and 141 square metres respectively. Prices range from 67,000 euros (plus VAT) for a studio, to 178,000 euros (plus VAT) for a four-room duplex. The flats were put up for sale at the start of this month," said Kovacs. He added that the project's total value would exceed 22 million euros. "These are holiday flats. We target people who want to have a home in the mountains and can choose to rent out the property when they are not using it," specified Kovacs.
Adapted from ZF
Newsfeed display by CaRP