THE DIPLOMAT > Real estate > Property in brief
Vol. 2 No.4  

Property in brief

Property: Bucharest

SOS PIPERA Tennis foundation Ilie Nastase is building a 55 million Euro sports complex over a 63,000 sqm area on Sos Pipera No. 38. This will include two indoor clay tennis courts, eight outside courts, two squash courts, offices, a swimming pool, an arena with 10,000 seats, water park, an artificial ski path and climbing facilites, plus a three star hotel with 200 rooms and parking for 2,000. The foundation will also renovate nearby Aurel Vlaicu metro station.

CROWNE PLAZA HOTEL Ana Group could build a 30 million Euro, 107 metre-tall 37-storey office building near Crowne Plaza Hotel, which the group owns, boss George Copos told Ziarul Financiar. This could be the tallest building in Romania. In addition, Ana Group will build its new HQ near the hotel, ready in January 2007, following an investment of four million Euro. The deputy Prime Minister will also develop a residential compound over 80,000 sqm of land near the Straulesti lake, worth 65 million Euro. Ana Holdings will invest up to 150 million Euro over the next few years in offices and residences.

SPLAIUL INDEPENDENTEI Greek-based Iliotomi Group will build Riverside Tower, a new office building on the Dambovita bank over 14 levels, for an undisclosed amount. The building’s total built area will be 12,400 square metres, of which 8,500 sqm will be available for rent. Works are scheduled to begin this month, and end by 2008.

LIVIU REBREANU A group of Greek companies plans to invest about 15 million Euro in a residential complex in east Bucharest’s Liviu Rebreanu area. The project, comprising 170 apartments with a built area of almost 20,000 sqm, will include three blocks of flats with between 12 and 16 levels, on a 5,000 sqm plot, according to Ionut Nitu, president of Central European Investments, one of the partners.

CENTRAL BUCHAREST Nova Construct is to start construction of an apartment block and residential compound, with a total value of 20 million Euro. The block, for which investment is estimated at 16 million Euro, will have a total area of 4,000 sqm, it will also lodge the headquarters of a bank and a new HQ for Nova Construct.

Romania at large

CONSTANTA PARCUL TABACARILOR Neocity Group will build a 50 million Euro shopping, leisure and entertainment project, City Park Mall in Constanta, for delivery in summer 2007. Situated in the north of the city, the complex will be built on 28,000 sqm, over two levels with 120 stores, one supermarket, cinema, food court and playground. The project will also include a botanical garden and a senior citizens’ club. The group has not yet established the rate for the rent and is in the process of receiving offers. (More info, see Israel, page 49.)

IASI British Equest Balkan Properties last month announced the acquisition of Iasi’s shopping centre, Moldova Mall, for 34.5 million Euro. The refurbished mall has 19,000 sqm of built area and 9,500 sqm of rentable retail space on five levels. The mall has 95 per cent of the rentable area contracted to tenants including Altex, Glendale Multiplex Cinema, Pizza Hut and KFC. There is also an adjacent land plot for developing up to 1,000 sqm of additional retail space.

NEPTUN AND OLIMP Alcor Construct will invest 20.5 million Euro to build three block of flats in seaside resorts Neptun and Olimp. The three blocks will comprise a total of 280 apartments, whose prices range from 51,000 Euro to 99,000 Euro.

CLUJ-NAPOCA STR BRANCUSI Advertising agency Vitrina Advertising is pouring 2.5 million Euro in a new four-storey Class A office building close to Piata Cipariu. Construction is scheduled to begin on 1 June this year and Vitrina plans to have the building completed by September 2007. “We are now in the project authorisation phase and after that will hold a tender to select the construction company,” Vitrina Advertising general manager, Mihaela Rus, told The Diplomat.

CORBEANCA Local real estate developer Andami is building a residential project of 48 houses in the Corbeanca area, Ilfov county. Built over a 30,000 sqm surface, the total investment is seven million Euro with a target market of youthful entrepreneurs. The villas have a ground and first floor and their surface varies. It will be ready for delivery in Summer 2007