October
2008
REAL ESTATE
 
Vol. 4 No.8  
 

Property of the month

High class folk at heart of capital
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STRADA POLONA This beautifully preserved neo-Romanian villa at the centre of the city with unique designs reminiscent of the arts and crafts movement is available through real estate agency Media City for eight million Euro.
Constructed in 1910, the villa belonged to Dr Ciru Iliescu, brother-in-law of Ion Procopie Dumitrescu, who founded the Sivestru Church on Calea Victoriei at the turn of 20th Century.
Sporting a carved wooden porch and Brancovenesque balconies and pillars, but wide interiors reminiscent of the baroque, this is a fascinating mix of Romanian folk and aristocratic influences.
The villa was designed as a family house over three floors with 16 rooms, four bathrooms and three balconies and a basement. The inner garden with fruit trees has a tranquil and monastic quality rare for a building five minutes’ walk from the centre of the city.
The ground floor is divided into three reception rooms, the first floor includes several bedrooms and the attic has rooms which were originally used by the serving staff. The house has been completely refurbished, but the living room maintains the original fire place.
A curiousty in the entrance hall is a stained glass window in a pre-Raphealite style of a chivaric wedding scene.

For more information call Dana Chiracu
at Media City, on 0742 100 575


Rezidor: major opportunities for mid-market brand in Romania

NATIONWIDE Swedish hotel group Rezidor believes there are lots of opportunities in Romania for its mid-market brand Park Inn, according to Thomas Kirschke, senior vice president and COO Radisson SAS & Regent Hotels.
In Romania, the group is managing the 424-room Radisson SAS Hotel Bucharest, which is majority owned by Israeli-backed Plaza Centers, and next year plans to open a 186-room Radisson Resort in Poiana Brasov, owned by a private individual.
In the long-term, Kirschke believes luxury developments from the Rezidor brand family are “very likely” to happen in and around Bucharest.“Eastern Europe is a primary target for development in the Rezidor Group,” said Kirschke.
He added that he was “discussing the possibilities” of future cooperation “not just in Romania” with Plaza Centers.
The 70 million Euro Radisson SAS Hotel is owned by Bucharest Tourism, which is a listed company 78 per cent owned by Plaza Centers, 12 per cent by SIF Transilvania and the remainder by 1,000 shareholders.
Now under construction, the Radisson resort in Poiana Brasov is 1,300 metres above sea level and will include two restaurants and a spa, as well as an ice skating rink. An 18-hole golf course is also planned for the zone. Owned by a private Romanian individual, the project has a consulting partner in Trend Hospitality. Kirschke said this is “on target” for delivery in 2009.


Turks plan 350 million Euro mixed-use complex for Pipera

PIPERA Turkish-owned Dogan Group has bought a 55,000 sqm land plot in Pipera-Tunari, Ilfov county, between the Porsche Romania and Vodafone offices for 50 million Euro. The group has a 350 million Euro investment plan for the land over the next two to three years, including a five-star hotel, a 200-bed private hospital, a large office building and probably some residential units.
The total built area of the real estate project in Pipera will be 237,890 sqm, including 150,000 sqm of offices. The business center will consist of 14 floors including some underground levels.
At the moment Dogan Group is in negotiations with an international hotel brand to manage the project. “It will be a premium 300-room hotel with a 2,800 sqm of spa and a 6,400 sqm of convention space,” says Haluk Kurcer, executive board member at Kanal D Romania, part of the Dogan Group.
Dogan is in talks at the moment with a Turkish company focused on private healthcare to reach an agreement to manage and operate the hospital, which will have a built area of 30,000 sqm.


Property: Bucharest

BLVD GHEORGHE IONESCU SISESTI Real estate developers Caterata and Israeli-backed Profit Building Industries will invest around 18 million Euro in a residential complex in northern Bucharest on Blvd Gheorghe Ionescu Sisesti. ‘Odyseea Residential’ will include 156 apartments and has a completion date in 2010.

PARCUL POLITEHNICII Romanian developer Conarg will pour 75 million Euro in the development of a residential complex in the west of the capital near Parcul Politehnicii. The project will cover around 21,000 sqm and will consist of 16 blocks of flats with 850 one to four room apartments over ten to 12 storeys for delivery by 2010’s end.

SOSEAUA DOBROESTI Turkish real estate developer Pelican Com is developing a residential project in Bucharest, on 7 Soseaua Dobroesti. ‘Atlantis Residence’ will cover 6,515 sqm and will consist of four 11-storey blocks of flats including 134 three-room apartments. This is due for delivery by February 2009.

STRADA STEFAN STEFANESCU Greek real estate developer Iscandor has acquired a 737 sqm land plot, on Strada Stefan Stefanescu near Piata Iancului for 1.7 million Euro, in which it plans to develop a 40-apartment block. Construction will begin this October and will be completed in 2009.

PARCUL HERESTRAU Spanish real estate developer Prodecas has invested 17 million Euro in the development of a residential building with 42 one to three room apartments and penthouses near Herastrau Park. The apartments included in ‘Luxor Residence’ are selling for prices starting from 2,200 Euro per sqm.

BRANCUSI Romanian real estate developer Conimpex has started work on a residential complex in the Brancusi neighbourhood. ‘Brancusi Residence’ includes 400 apartments for delivery by March 2010.

PRELUNGIREA GHENCEA Israeli real estate developer Dimri International will build a 3,600 apartments complex in Bucharest for delivery in 2012. The first stage of ‘Ghencea Allegro’, including 332 apartments, will be delivered in September 2010.

Property: Romania

CLUJ COUNTY Romanian real estate developer Vialin Invest has three residential projects in Floresti village, Cluj county. ‘Iuvenis Floresti’ complex will be built on Strada Muzeul Apei and will consist of 22 one to three room apartments covering a total 1,100 sqm. ‘Proximus Floresti’ will be located on Strada Somesului in the same village and will include three blocks of flats with four floors. ‘Novus Floresti’ includes 28 apartments on Strada Muzeul Apei.

TARGU-MURES Israeli real estate developer Plaza Centers will pour over 80 million Euro in the development of a mixed use complex in Targu-Mures. The complex will include a shopping centre and office spaces on Strada Gheorghe Doja. The building will cover 34,000 sqm, with 1,200 parking places and will be delivered by the end of 2010.

CONSTANTA-BUCHAREST MOTORWAY Romanian construction technical tools provider General Lux Service will develop through its investment department, GLS Invest, the GLS Industrial Park complex including eight production units covering 6,000 built sqm. GLS Industrial Park will be located on national road DN3 near the Constanta-Bucharest motorway, Autostrada Soarelui, exit at Fundulea village in Constanta county. Construction will begin in November 2008 and will be completed by June 2009.

CONSTANTA Spanish real estate developer GranVia Real Estate, through its project management company IMGBusiness, has acquired a 62,000 sqm land plot in Constanta, near the shopping centre Polus and the sea resort of Mamaia. Last June the company started the construction works on the first 400 apartments due to be delivered by mid-2010. The 300 million Euro project will include 2,500 units.

CONSTANTA Spanish mixed interest company Bogaris will start this year the development of a mixed use project in Constanta city centre, near Tabacariei Lake. ‘Marina Park’ will cover a total built area of 280,000 sqm and will include offices, a four-star hotel and 2,000 apartments.


 
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