Ikea intends to kick off the largest real estate project in Romania-a residential complex of offices and apartments on a 48-ha land bought from a Romanian entrepreneur early this year, Ziarul Financiar reports.
The project includes 10,000 apartments, houses and villas, but also offices in northern Bucharest.
According to Cornelia Marcu, marketing manager of Vastint Romania (part of Inter Ikea Group which gives the franchise to the Ikea Swedish company), the project will be mainly ‘a residential complex, based on long-term solutions, which aims to create a community in a balanced, comfortable and long lasting project.’
ZF reports that the project will mount to over EUR 1 bln and will comprise a cumulated area of 1 million square meters. The average sale price will be EUR 1,000/sqm.