One United Properties announces the signing of a binding promise-to-purchase agreement, for a plot of land of 34,800 sqm, located in Constanta, Faleza Nord-Pescărie area. The signing of this binding promise-to-purchase agreement supports the company’s direction to extend its footprint beyond Bucharest, by selectively pursuing opportunities in regional growth poles. Constanţa and Sibiu are the first two markets targeted under this strategy.

The building permit, already issued for this land, allows the construction of 7 towers, of which 6 are residential and one is a 5-star hotel, as well as a commercial and leisure area, a school and kindergarten, a restaurant area, a gym/spa, a promenade, and the parking facilities required for the complex.

The gross development value is estimated at approximately EUR 500 million. The land already has a building permit, so work will begin in about a year, and completion is estimated in about three years from the start of construction.