RPF Development injects 11 million Euro into third phase of Vitan Residence 2
2015-06-08 21:58:23 - From the Print Edition
Romanian Property Fund (RPF) Development, the real estate developer of the Vitan Residence compound located in the Mihai Bravu area, expects to start construction of the third phase of Vitan Residence 2 in August this year. This new phase requires an 11 million Euro investment for two additional buildings. By the end of 2016, the residential project will be completed, according to Dragos Vranceanu, the managing partner of RPF Development Romania. "2014 was a very interesting year for the residential market and 2015 is even more important for the market's recovery," Vranceanu tells The Diplomat – Bucharest. "The real estate sector will continue to grow and in terms of the residential segment developers still have to construct apartments to meet the high demand. This year, RPF finished the second phase of Vitan Residence 2 and in three months from now [May], we expect to start construction on the third phase that will add between 158 and 200 units." So far, RPF Development invested 54 million Euro in the Vitan Residence project which is comprised of 440 units and 12,800 sqm. RPF Development, a US investment fund, became operational in Romania in 2004 and posted an eight per cent increase in terms of turnover. This year the company expects to have a 15 per cent growth. To see what other development plans RPF has on its plate, read the full article in the Residential Market Outlook feature.
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