Vol. 2 No.5  

Property in brief

Property: Bucharest

BLVD UNIRII Bucharest City Hall and representatives of real estate developers Trigranit last month signed a memorandum to develop the one billion Euro Esplanada project in central Bucharest. Construction is scheduled to begin next year and the first stage is to be completed in about seven years. The project will include 210,000 sqm of office, 90,000 sqm of lodging and 120,000 sqm of commercial and entertainment spaces.

Tiriac Auto plans to invest 20 million Euro in a new centre to sell all six brands in the firm’s portfolio, according to Mediafax. The new centre will be located on a 3.7 hectare plot of land close to the Bucharest-Pitesti highway and is scheduled for completion at the end of 2007, said Tiriac Auto investment director, Dragos Draghici. It will lodge showrooms, service units and spare parts warehouses and will cater for all car brands sold by the group.

GLOBUS CIRCUS President of the Romanian Football League and Greater Romanian Party (PRM) deputy Dumitru Dragomir is planning to invest 70 million Euro in a new complex near the Globus Circus in Bucharest, according to Capital. The idea of his complex will comprise over 600 apartments with over 20 levels, a 22-storeys office building and a five-star hotel, at least 25-storeys high.

CALEA VITAN Anchor Group will open a 14 million Euro four-level extension commercial space to its existing Bucuresti Mall this October. When finished the project will have 18,000 sqm along with a new parking lot with 800 spaces.

SOS NORDULUI A new six-million Euro office building will be built near Herastrau Lake, real estate firm Rom International Service announced. The project will stretch over 3,000 sqm and is scheduled for completion in May 2007.

SOS NORDULUI American developer Adama is investing five million Euro in two blocks of flats with  five floors and a total built area of 4,500 sqm on Sos Nordului. The project will consist of 19 luxury apartments between 50 and 200 sqm and 26 parking spaces. Prices range between 1,400 and 1,600 Euro per sqm without VAT. Work will be finished by the end of 2007.

Property: Romania at large

SUCEAVA Suceava Council has approved a 40 million Euro development strategy for its domestic Stefan cel Mare airport with cash from Suceava and Botosani councils and the EU. The aim is to modernise the runway, extend the terminal and increase annual passenger numbers from 10,000 in 2006 to 125,000 in 2013 and an annual turnover of three million Euro. Works will start in 2007 and end in 2009.

VALEA CETATII BRASOV Temvar Center is investing 9.5 million Euro in a new mall in Brasov with a six million loan from HVB Bank and Bank Austria Creditanstalt. The new commercial space will be situated in the south-eastern part of Brasov and will have a total rentable area of 7,500 sqm and a parking lot of 350 spaces. Named ‘Magnolia Mall’, the complex will include a 2,800 sqm Artima Supermarket and 1,500 sqm electro retailer Domo.

RADAUTI Austrian firms Schweighoffer and Egger are building a new three-star hotel in Radauti, near the painted monasteries of Bucovina, following a four million Euro investment. Named Gerald’s, the hotel is to have five floors, 200 beds and a restaurant. The investment is made by Cascade Empire, part of the Schweighoffer group, and is scheduled for completion by Spring 2007.

CONSTANTA Investment company Polus Transilvania said it will invest about 155 million Euro in a new shopping centre in Constanta, according to Ziarul Financiar. “The centre will be located in northern Constanta, on the exit to Tulcea, and we are now waiting for the construction authorisation,” said general manager Arpad Paszkany. The commercial centre will stretch over 68,000 square metres and works are scheduled to begin in the early part of 2007.

CLUJ-NAPOCA The Central Transylvanian city’s first underground parking is on the agenda of Cluj-Napoca City Hall, with the feasibility study now nearing completion. City mayor Emil Boc said the parking lot will have a build surface of 5,500 sqm, with two levels, lodging 182 cars per level, in the vicinity of Piata Mihai Viteazul. The project is subject to approval by the Local Council this month.