NEPI Rockcastle to Build 400+ Apartments, Plans Hotel at Promenada

By Romania Journal Last updated Dec 12, 2024

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NEPI Rockcastle to build over 400 apartments next year and consider opening a hotel in the extension of Bucharest’s Promenada mall.

The mall developer will build two more residential projects next year, after the one completed in Bucharest. Brașov and Craiova are next on the list.

“We are in the process of authorizing the next two projects, one in Brașov, with 300 apartments, and one in Craiova, next to the existing mall, which will have 136 apartments. Next year we will start construction”, said Adrian Boca, Project Manager Development at NEPI Rockcastle, during a press conference in Bucharest.

From the first residential project, built in Bucharest, 20 apartments are still available for sale. Anca Nacu, Investments Director at the developer says that residential projects are not financed from customer advances, but the money is allocated from the very beginning. This allows them to respect the construction schedule and not have delays, because they do not depend on the collection of advances from customers.

NEPI Rockcastle is working on the expansion of Promenada Mall, a 282 million euro investment that will bring an additional 55,400 sqm of leasable space. The retail area will have 32,000 sqm, and for almost half of the area intended for office spaces, the developer is analyzing the construction of a hotel. Works on the seven-level underground parking have been completed and have reached the superstructure. Currently, the mall with a leasable area of 39,300 sqm is valued at 201 million euros and generated rents of 14.5 million euros in 2023.

“The entire office area is divided between the hotel and offices. It would have been a total of four and a half floors, now it will be two and a half floors. Initially, we thought of doing only office spaces, but now we are also analyzing the option with a hotel, to diversify the functions and for the needs of the area,” Adrian Boca explained.

The consultants’ studies show that there is demand for a hotel in the business area of Bucharest. The developer will decide next spring whether or not to choose the option of building a hotel, which could have about 200 rooms.

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