Cordia Romania, the residential investment division of Spanish Futureal Group, plans to invest EUR 50 million on the local market for the next year, which is part of a long-term development roadmap. The real estate developer aims to deliver about 500 apartments per year on the Bucharest residential market, designed for the medium and medium-high segments, mainly in the North and Central-North areas in the Romanian Capital.
“Romania will play a key role in the development of Cordia’s operations at regional level”, Mauricio Mesa Gomez, CEO Cordia Romania and Member of the Board Cordia told a press conference on Wednesday.
“We will focus on achieving a delivery rate of 500 apartments per year to the local market, promoting projects that are specifically tailored to accommodate the expectations of the middle class, by providing a perfect balance between location, architecture and price”, he added.
Cordia is currently developing Parcului20 residential condominium with 469 apartments in the Expozitiei Boulevard area.
Parcului20 is the first residential project that marks the implementation of the new Cordia investment plan for the local market, a EUR 40 M investment that estimated to be completed in 2021. Parcului20 is located on a 15,000 square meters plot and will feature 469 apartments, available in over 30 different layout versions. The project includes 579 parking spaces, bicycle parking and over 80 storage units.
Parcului20 is to be built in two phases of development, on the venue of the Former Sausage Factory in the Capital. The two buildings have a height of eleven floors and the facades are partially covered with ALUCOBOND® and fully coated with mineral wool cladding, which ensures a well-calculated thermal insulation and contributes to the aesthetics of the ensemble. All apartments are equipped with smart-home systems, developed by one of the market leaders, configured as to ensure control, security and energy savings.
Parcului20 features a private community garden, stretching over 3,000 sqm, with trees, perennial plants, relaxation area, yoga garden and exercise area. Outside of the condominium, but less than 100 meters away, there is a green space with playground. A new WorldClass center will be available within a distance of 400 meters.
The first phase of the project consists of 260 units and it will begin by the end of this year, to be delivered in September 2020. The landscaping will be ready upon the delivery of the first phase and the second phase will be built without disturbing the access to the condominium’s facilities. The second phase is to be delivered 8 to 12 months after the completion of the first phase.
The prices will range from EUR 66,700 for a two-room apartment to EUR 250,000 for a five-room duplex apartment, plus VAT. 5% of the money is paid upon booking, 20% when the contract is signed, and he rest of 75% on delivery. As Mauricio Mesa Gomez, CEO Cordia Romania said, 50 percent of the Parcului20 residential apartments will fit the 5 percent VAT.
20 apartments have already been booked, with 40 reservations in store by the end of this year.
The developer is waiting for the building permit in November and excavation works are estimated to kick off in December. Also in November the tender to choose the general entrepreneur – the construction company- is scheduled. Mesa revealed there are 15 large construction companies that have submitted their bid for this project.
The project will be developed following a partnership with a bank, that is also to be established in the upcoming time.
The Cordia CEO stated that the group is focusing only on Bucharest for now, as the Capital has a lot of potential in terms of residential developments, also due to the upward trend of the office spaces, to the wage increase and to the overall good economic forecast. From this perspective, he considers the location of Parcului20 compound is very convenient, as there are many IT companies based in the neighbourhood, but also the green area, the proximity to the subway station (1 Mai) and the vicinity of two universities (the Agronomy University and the Romanian-American University) represent a plus.
Cordia Romania’s primary objective is to become the main regional developer of residential projects and to extend its activity by developing sustainable projects that highlight existing local communities.
Cordia Romania is part of Futureal Group, which has so far developed projects worth 1.3 billion euros. The company is investing 1.4 billion euros in new projects, amounting to a portfolio of 2.7 billion euros of developments and assets. Futureal projects focus on office, retail and residential segments. Cordia received international recognition following the development of the Corvin Quarter in Budapest, the largest urban regeneration project in Central and Eastern Europe, with an area of over 22 hectares.