Mega real estate project of 5,000 apartments in southern part of Bucharest. Investment amounted to EUR 100 M

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Construction industry shows signs of recovery. Several Romanian investors want to develop until next year 5,000 apartments in the south area of Bucharest, for the first phase being bought plots of land of about 15 hectares, and the first blocks will be available for sale this year.

The construction works have already started and the project called Metalurgiei Park Residence, will run up to 50 hectares, following to be developed in several stages, according to investor’s press release.

Mega real estate project is located in Berceni area, at the intersection of Metalurgiei and Drumul Binelui streets, a very well-known area in the 4th district of the capital. Here are several large shoppping centers such as Carrefour, Auchan, Lidl, Hornbach, Selgros, Metro, having immediate access to urban transport and very easy access to Aparatorii Patriei Subway Station.

A number of developers have built projects in the south of the capital, respectively Brown Residence, Top House, Viva Residence, Joy Residence and Family Residence. They have announced plans to build 5,000 apartments by 2016 in this residential compound.

Metalurgiei Park Residence is a fully Romanian owned project, using workforce from Bucharest and the surrounding areas and, for the first stage, built on 15 hectares, the investment is estimated at EUR 100 million. The residential park includes school, kindergarten, spa center, and each compound will have playgrounds for children and green spaces.

The prices of apartments sold in the project will start from EUR 800/sqm, which includes the 5 percent VAT and the cost of parking is EUR 1,500 plus VAT.

 

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