Regional real estate developer and investor Prime Kapital announced its first residential project on the local market. In a press conference on Thursday, the South-African developers said that Avalon Estate, to be located in northern Bucharest, aims to be the largest and most sought-after residential gated community in the city.
The project will provide about 800 high quality bespoke residential units within a gated-community concept stretching on over 8.1 hectares of land in the Northern area of Bucharest with easy access to the city and proximity to Pipera and Barbu Văcărescu office areas, on the Pipera Lake shore.
Besides from offering higher quality standards at reasonable prices, the future housing development will mostly focus on the green space (there will be more than 2 hectares of it) and on integrating as much nature as possible into the resident’s day-to-day life, hence its Eco-friendly approach. The indoor and outdoor design will include natural materials and will capitalize the vicinity of the Pipera Lake, by building an integrated harvesting system through which rainwater will be biologically purified before flowing down to the lake.
The large-scale residential complex, estimated to start next year and to be completed in 2024, will feature villas, townhouses and apartments. Important features of the project include a Club house (fully equipped with fitness facility, large outdoor pool, restaurant, etc) and lake access, 1.3 ha of park with play areas for children, 24-7 security and car-free alleys ensuring safety of the community within a well-designed urban concept. The last phase of the project will include integrated and intimate commercial areas, focused on proving complimentary services to the residents, as well as a private kindergarten.
Martin Slabbert, the South-African founder of Prime Kapital explained how the idea of such a large housing concept came from.
“The standards of the residential estate market in Romania are very poor, we think people deserve better. The profit is not the only motif, of course in business any initiative has to be profitable, but we think we can deliver something at a much higher standard at similar prices with what is being delivered on the market at the moment,” Slabbert stated.
In her turn, Maggie Kitshoff, Prime Kapital’s Residential Projects Director said that Avalon Estate is more than a project, it is a unique gated community concept focused on high quality and clean design philosophy.
“We wanted to build the largest and most sought-after residential gated community in the city. The project offers many valuable benefits – privacy, security, low density and low traffic volumes (car free concept). It also features an opportunity to establish new roots in private village-type setting that offers a mix of housing types that minimize repetitive form from a design point of view”, Maggie Kitshoff said.
Avalon Estate’s main target customers are young families, couples and corporate employees who work in the Northern area of Bucharest. Although quite crowded and having the downside of traffic congestion, the area to host the residential housing complex, has also a lot of perks such as the vicinity to the green, fresh-aired area of the lake, the proximity to the famous office area of Pipera-Barbu Vacarescu, where most of the multinational companies have their HQs, proximity to the Promenada Mall and Aviatorilor tube station.
The project will have its phase I started in July next year, with the completion deadline set for October 2021. The homes range in phase 1 type between 70 and 262 sqm of internal living areas. The PUZ is estimated to be approved in April 2019, while the building permit in July next year.
Phase II is estimated to start in October 2021 and end in October 2024.
Furthermore, Prime Kapital will extend its services to provide innovative and flexible mortgage finance solutions customized to clients’ needs and truly provide a turnkey solution to all its clients.
“Our objective is to establish Prime Kapital as the residential developer of choice in Romania, to change the current landscape, perception of residential project developments and raise the standards on the market. Our plan is also to build a residential brand that is synonymous to quality, excellent value for money and 100% transparency”, added Maggie Kitshoff, Prime Kapital’s Residential Projects Director.
Prime Kapital worked with ADN architects for designing the whole residential project, being inspired by a clean modernist approach with emphasis on quality over quantity. The concept also includes exterior living spaces to all unit types, meaning that the villas will receive front and back outdoor spaces, townhouses have front gardens and generous private terraces, apartments receive loggias or terraces and gardens. The design of the indoor spaces will also integrate elements concerning the light, the view provided by a certain room, or the AC infrastructure.
The central park area which is practically integrated in the middle of the project, dividing the building area in two, is the so called piece de resistance of the ensemble, providing a large range of areas and landscapes, walkways, bicycle paths, amenities to serve the residents’ need for spending quality time outdoor.
Prime Kapital has bought the land for the housing project from the Becali family in a transaction estimated to EUR 12 M. The Avalon Estate will be developed in partnership with Mas Real Estate with an estimated budget of around EUR 100 M.
Princes of the villas and apartments have not been year revealed, with Prime Kapital’s representatives saying they will be announced in due course and pledging they will be competitive and accessible.