THE DIPLOMAT > Real estate > Property in brief
Vol. 2 No.3  

Property in Brief


Plaza Romania and Bucuresti Mall operators Anchor Group will enter the residential segment. This project, near Bucuresti Mall, will cost 35 million Euro and involve 500 flats, said Ibrahim Paksoy, the general manager of Anchor Group.

Dutch firm Cascade Group will build a new office building this June, Park Plaza, in a 25 million Euro investment for delivery in 2007. Dorin Stefan, who designed the Opera Center in Eroilor, will be the architect. The building will have five underground levels stretching over 9,000 sqm, above-the-ground area of 18,000 sqm and will be 18-storeys high, with car parking for 200.

Two Romanian investors are set to develop a shopping centre in south Bucharest, with investments that could reach over 20 million Euro. Vitantis Shopping Center, will cover 30,000 sqm, according to the broker for the project Activ Consulting. Located near Vitan car market, the centre will house DIY store Praktiker and a hypermarket, according to Activ Consulting.


A new Class A office building is under construction in the Pipera area in north-east Bucharest in an investment of about two million Euro, Regatta announced. The four-storey building has a usable area of 2,062 square metres and a built surface of 2,400 sqm. Construction works are scheduled for completion in October this year.

French-Romanian real estate firm Jules Verne Imobiliare is set to begin construction of a ten million Euro block of flats at the junction between Str Delea Noua and Str Invingatorilor, commercial director Andrei Radu told The Diplomat. The nine-storey building, which will be erected on a 1,500 square metres plot of land, is scheduled for completion in October 2007.

Rom Canada plans to begin construction on a planned 60 million Euro residential complex in Militari, western Bucharest, according to Mediafax. Dubbed West Park, the complex will comprise ten blocks of flats, totalling 490 apartments with areas between 70 and 105 sqm.


Casa Real Estate announced it will build a luxury housing complex in Cluj-Napoca, an investment of about ten million Euro, according to managing director Diana Calfa. The project, called Bella Park, will include 50 houses, a relaxation area, a swimming pool, tennis courts and an area especially created for children.

The mountain resort will welcome its first shopping centre this year, following a three million Euro investment by Winmarkt. Grand Center Sinaia will be lodged by the current Carpati store, with works to be completed by November, officials said.

Italian-owned Sinergy Est is building six blocks of flats in Timisoara, in an investment of up to 14 million Euro, officials said. A total of 350 new apartments are due for completion by March 2007, according to sales manager Arina Teodorescu.

Real estate developer Sedako plans to begin construction on a 6.4 million Euro residential project in eastern Timisoara, said firm representative Adelin Bachner. The project will be built on a 13 hectare area, comprising 119 houses and with a completion date for the end of 2007.

Moldovan city Bacau welcomes its first mall-type project, Arena City Center, in a 20 million Euro investment, Eurisko announced. The developer was due to start building the mall as we went to press, with a schedule for delivery in the third quarter of 2007. This will house 150 stores on a net area of 20,000 sqm, with the developer estimating that international companies will account for 20 per cent of the total, with local brands to fill in the rest.

Romstal Leasing has launched an alternative to mortgage loans with new real estate leasing products. This will enable businesses to buy a land or building without stating the purpose for the land and with a down payment of five per cent. According to company’s estimates, real estate leasing accounted last year for about two to three per cent of the total leasing market in Romania.