Spanish-based developer to conclude residential compound on former industrial platform in Bucharest this year

The Spanish-based developer, Gran Via Real Estate, completes this year the development of the former factory Frigocom, Timișoara 58 residential compound, located at the crossroads of Timișoara Boulevard and Moinești Street in Bucharest.

The company is working on the final phase of the project, representing two blocks with 300 apartments, totaling an investment of 18 million EUR in construction only.

„For these last blocks the structure was completed, and now we are working on the interior partitions. According to the  working pace, we estimate that the delivery will be made in the third quarter of this year”, explains Ana Maria Nemțanu, Sales & Marketing Director, Gran Via Romania, adding: ”Of the 300 apartments, 60% have already been pre-contracted, with an average monthly sales of 20 units.”

The project Timișoara 58 has been developed starting with 2013, in four phases of construction, on a land of 32,000 sqm (former industrial platform Frigocom) totaling an investment of 40 million EUR in the purchase of land, infrastructure, seven blocks and various facilities such as parking spaces, driveways or playgrounds for tenants.

Until last year, 500 apartments were delivered, and after the completion of the last phase, the entire community will count 800 units: simple and double studios, two and three rooms, as well as duplex apartments. All the apartments fit in the 5% VAT rate, the demand coming from both young Bucharest families and from those relocating to Bucharest from other counties.