Romanian real estate developer Impact is investing EUR 68 million in a project with 630 apartments – Luxuria Domenii Residence, on the 2.5 ha plot bought this summer in the Expozitiei Boulevard in Bucharest.
According to a press release, the construction works for the first phase of Luxuria Domenii Residence project, comprising four blocks with 268 apartments, will begin in January next year and will be completed in July 2019.
”We are coordinating the construction works with Portland Trust and we will deliver at the same time. The investment in the entire project is EUR 68 million and is made from own sources, but also from banks; we are in talks with three banks for financing the first phase of the project,” Bartosz Puzdrowski, CEO Impact Developer & Contractor stated.
The construction works for the second phase of the project, which will have three buildings with 232 apartments, will start in March next year and will be completed in November 2019, and the third phase, with two buildings and 130 apartments, will be launched in November 2018 and completed in June 2020. The complex will have 728 underground parking lots and other 35 overground, for visitors.
Apartment prices start from EUR 1,500/sqm and could reach EUR 2,000/sqm, no VAT for the apartments built on the ground floor of the buildings, which will have gardens, and those on the upper floors, duplex type, with large terraces.