February 2006

Property in Brief

     VITAN Plans for eastern Europe’s biggest hotel are underway by the Negoita brothers, the owners of the Pro Confort group of companies, according to Capital. Work has already begun at the foundations of the hotel, on a 31,000 square metres plot of land in the Vitan area of Bucharest. The hotel is planned to have 11 floors and 1,000 rooms, ranked at three, four and five stars. The hotel is scheduled for completion in March 2007, following an estimated investment of 30 million Euro.

     PIPERA Pro Confort will invest 30 million Euro in a new residential complex over 700,000 sqm in Pipera, northern Bucharest. This will comprise 235 villas and two blocks of flats, lodging 60 apartments. Prices vary between 90,000 and 227,000 Euro for a villa and between 44,000 and 68,000 Euro for an apartment.

     CHARLES DE GAULLE A five-storey office building is on offer close near Aviatorilor with a built area of 2,085 sqm, and a total usable space of 1,384 sqm, available to buy or rent, Regatta has announced.

     CLUJ-NAPOCA Developer Eurotrend will invest 10.8 million Euro in an 11- storey building in Cluj-Napoca, officials said. Cluj City Center, has a 13,500 sqm built surface, and is due for completion in September 2007. The office has two levels of underground parking lots, three levels of office space (ground floor, first and second floor – a total of 4,869 built area) and 54 apartments between 50 and 110 sqm.

     SECTOR ONE Travel agency Marshal Turism plans to invest about ten million Euro in land and construction of a four-star hotel targeting business travel in Sector One of Bucharest, according to Ziarul Financiar. At present, Marshal Turism also has a five-year contract for the lease of two-star Batistei Hotel in Bucharest, which the agency plans to buy.

     PIPERA Nord City Tower, a new Class A office building will pop up in Pipera, northern Bucharest, Regatta announced. Stretching over 12,230 sqm, the nine-storey building is designed by Atelier Axa and scheduled for completion in the first quarter of 2007.