Home / BUSINESS / Czech real estate group invests EUR 12 M in residential project in northern Bucharest
Czech real estate group invests EUR 12 M in residential project in northern Bucharest

Czech real estate group invests EUR 12 M in residential project in northern Bucharest

Czech-based group Daramis has invested EUR 12 million in the project Vita Bella Residence, located in a premium area in the North of Bucharest, a project to be concluded this summer.

The company acquired a residential project at the end of 2017, invested in the modernization of the property and then put up for sale 183 apartments, in a re-development scheme. “We have carefully analyzed the local market before deciding to invest here. We have concluded that Bucharest lacked qualitative residential units and decided to invest in a residential re-development scheme, which would offer generous apartments in a very dynamic area of Bucharest”, said Martin Vachek, Managing Director of Daramis.

Vita Bella Residence is located near the American International High School, at just 7 km from Promenada Mall and the office hub surrounding the area. The project has a mix of studios (39-59 sq. m), 1-bedroom apartments (60-99 sq. m), 2 bedrooms apartments (73-133 sq. m), duplexes (145-196 sq. m.) and penthouses (151-174 sq. m.), with generous terraces at the most competitive prices on the market.Czech real estate group invests EUR 12 M in residential project in northern Bucharest

We have begun the selling process in March and we have sold up to now 30% of the apartments. Our clients are families looking for a bigger home, as well as private investors who acquire apartments and then rent them at an annual yield of 5-6%”, said Ariel Bouskila, Country Manager of Daramis in Romania.

Daramis is a privately held real estate investment company engaged in the acquisition, development and management of residential and income-producing properties. Established in the Czech Republic during the year 2000, Daramis has completed 24 real estate projects covering circa 2900 apartments. In addition, the company is a specialist in leasing and providing asset and property management post development, focusing on enhancing the value of the property and optimizing income and investment opportunities. Daramis portfolio includes operational office buildings with a GLA of 51, 000 sq. m and is active within the hospitality industry, owning a boutique hotel Rehavital.

About Alina Grigoras Butu