September
2008
REAL ESTATE
 
Vol. 4 No.7  
 

Property of the month

Refurbished interwar villa in leafy east-centre
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Pache Protopopescu Built in 1927 and completely refurbished in 2007, this interwar villa in the east-centre of Bucharest was built for a Jewish family 80 years ago and is now available for sale or rent.
Avoiding nationalisation, the house was acquired by Romanians, whose descendants still retain ownership. The iron entrance gate gives access to an impressive interior court with high walls, arches and two beautiful terraces placed on the ground and first floor of the building.
Floral adornments framing the ceilling, whitewashed columns supporting the house, as well as a staircase with colourful cement mosaics have been carefully restored to preserve the interwar atmosphere. The villa covers 900 sqm, is partitioned on three floors and has nine rooms including five bedrooms. The basement includes a utility room with heating central, a laundry room, a storage room and space for a wine cellar. On the ground floor are two rooms which can be used as living and office spaces. The living room is organised around an imposing fireplace. The attic is arranged as a separate apartment with living room, bedroom, kitchen and bathroom. The villa is not furnished, but is equipped with air conditioning, alarm system, video interphone and jacuzzi.
This property, located in one of the most underrated network of leafy streets with classic interwar real estate between Calea Mosilor and Soseaua Mihai Bravu, is up for sell for 3.5 million Euro or for rent at 15,000 Euro per month through estate agency Neocasa.
For more information call: Carmen Nicola Ene at Neocasa on 0741 187 575

Inside facts:
Rental price: 15,000 Euro per month.
Selling price: 3.5 million Euro
Rooms: Nine including five bedrooms
Built area: 880 sqm


Austrians plan shopping blitz on crowded market

BUCHAREST, ARAD and CONSTANTA Austrian real estate developer Krammer & Wagner will open in 2009 and 2010, three shopping centres in Bucharest, Arad and Constanta.
Militari Shopping, built in western Bucharest in the Militari neighbourhood will cover around 50,000 sqm and will include Auchan, Charles Voegele and Media Galaxy among the tenants. This is due to open in April 2009.
‘Westgate Shopping’, with a total area of 90,000 sqm will be delivered in November 2009 in north-west Arad. The building will be erected at the junction of Soseaua Aurel Vlaicu and the European Road E85.
‘Seaside Shopping’, developed in the south of Constanta, on European road E87 (Soseaua Mangaliei) will stretch over 50,000 sqm and will be ready for visitors by spring 2010.


Israeli group plans offices and homes for Ploiesti

PLOIESTI Real estate company BAS Development is beginning this year the construction of two new projects in Ploiesti, Prahova county.
The residential complex ‘Parcul cu Salcami’ will be situated in north Ploiesti on Strada Titeica and will include seven blocks with 400 flats, to be delivered in several stages by 2011. Located in Ploiesti city centre on Strada Ion Maiorescu, Primavera Tower A class office project, will cover 10,000 sqm and will be delivered by 2010. BAS Development has resulted from the merger of Israeli companies Aura Investments and Bar-On Adam Structures.


Lakeside compound due for Buftea

BUFTEA Israeli real estate developer Barak International has invested two million Euro in the acquisition of a 37.000 sqm land plot on Buftea Lake, for the construction of a real estate compound.
Barak Residence complex will consist of 300 dwellings, 300 sqm of commercial spaces, kindergarten, playground, swimming pool and spa.
Works will begin in January 2009 and will be concluded in 2011. The total investment in the complex is estimated at 40 million Euro.


Eden to be built in Bucharest

BANEASA Real estate developer GTC Romania has poured 260 million Euro into the development of a 4,000 apartments compound in northern Bucharest.
This will be located in Baneasa, behind the Oxford Gardens project and will include a shopping centre and business park. The ‘Garden of  Eden’ project will be delivered in four phases, the first of which is due for 2010.


UK investment group buys up logistics space

Arad and Timisoara, asset management and development group Catalyst Capital LLP has bought nine Romanian distribution and logistics units from Italian firm Incontro Prefabricati for 25 million Euro. Over a total area of 54,200 sqm, the nine units in Arad and Timisoara include tenants such as Pepsi, French group FM logistics, the aluminium conglomerate Alcoa and Vitafoam, part of the Vita group.


Largest hotel in Romania: one third full

Bucharest Newly-opened Rin Grand Hotel (below) has posted an occupancy rate in the first six months of the year of about 33 per cent and a 6.3 million Euro turnover, Ionut Negoita, owner of the hotel told The Diplomat. Presently around 1,300 of the hotel’s 1,500 rooms are open, with the remainder due on the market this autumn. Ionut Negoita and his brother Robert also own Confort Otopeni, Rin Otopeni and Traian hotels. The two intend to build another large hotel in the Pipera area with over 1,000 rooms, but they are waiting for “the best moment” to start their investment. The seven hectare land plot was bought before the Ministry of Transport decided to design the Bucharest-Brasov motorway, slicing Negoita’s land into two equal pieces. The group will wait until the motorway opens before construction starts.


Property: Bucharest

BLVD TIMISOARA Real estate company Technogrup last month started the development of a residential complex on Blvd Timisoara, between Valea Oltului and Valea Cascadelor. ‘Infinity Residence’ will have a 45,000 sqm total built area and 2,300 apartments, to be delivered in several phases by 2010.

BERCENI Swiss company Euroinvest Intermed will deliver by the end of this year the first development stage of Grand Arena Mall. The shopping centre will open in 2009 and will be located in Berceni neighbourhood, at the junction of Drumul Gilaului, Blvd Metalurgiei and Strada Turnu Magurele. Grand Arena Mall will cover a total built area of 120,000 sqm and will include 180 shops and Carrefour and Flanco World as main anchor tenants.

CITY CENTRE Real estate company Smart Investments & Development, part of Smart Holding, has budgeted 15 million Euro for the construction of a luxury apartment building in Bucharest city centre, according to Ziarul Financiar. The building located in Unirii area will comprise 66 apartments and the works will start in 2009. Next year the developer will begin the construction on another two projects, the first of which includes 35 apartments and is situated near Cismigiu Park. The second project will be located in Floreasca and will consist of 27 luxury apartments.

LACUL GRIVITA Romanian developer Dezim Development, part of the Romstal Grup, will deliver a 39 apartment project  between Grivita Lake and Baneasa Forest by 2009. Flats in ‘Ambiance Residence’ will be developed on three floors and are up for sale for 1,550 Euro per sqm.

STRADA BUZESTI Volksbank-owned developers Premium Red will open a new office block in 80 Strada Buzesti by April 2009. ‘Premium Point’ will include six floors, 72 car parking spaces and 5,660 sqm of office. Premium Red, which is part of Volksbank’s investment bank Investkredit, also owns ‘Premium Plaza’ business centre on Strada Doctor Iacob Felix, with tenants including Ernst & Young and Areva. The company is also examining more projects in Romania in the office sector.

Property: Romania

BRASOV CENTRE Romanian real estate developer Ancodom has started this year the construction of two residential projects, both located in Brasov’s historic centre. The first project, called Pine Garden, is a complex of four buildings over three and four floors, totaling 48 apartments and is positioned in the Dupa Gradini area. This will be delivered next year. The residential complex Sub Cetate, developed on 68 Strada De Mijloc is set for completion by 2010 and includes 36 two to five room apartments.

BRASOV TRACTORUL Real estate developer BSR Europe, part of the Isreali BSR Group, is developing the ‘Arcadia’ housing compound for a delivery date of 2010. The 900 apartments and commercial spaces stretch over 30,000 sqm in Brasov near Strada Turnului, where the Tractorul UTB Brasov factory is located.

BRASOV CENTRE Israeli real estate developer Sayag Group will build 774 apartments in a complex named, ‘Brasov Garden’ located on Strada 13 Septembrie in the city. The first stage of the project is due this year.

CLUJ Romanian-Irish company Ryan Proprietati is working on a residential project in Apahida, Cluj county. ‘Omnia Residence’ covers approximately 50,000 sqm area and counts up to 76 dwellings grouped in 14 villas with apartments and four blocks of flats. The complex will be delivered in several stages by 2011.

MAMAIA Romanian developer Construct Con Steel has begun works on the construction of a residential complex near Mamaia, Constanta county. Located two kilometers away from Mamaia, Gemenii Marii complex will include 214 apartments and is due to be ready for the second half of 2010.

ORADEA and SATU MARE Developer Fabian Romania and Hungarian SCD Group have set up a joint venture to buy two sites in Oradea and Satu Mare, in a total investment of 6.25 million Euro. Both sites will be used to develop residential projects. The complex in Oradea will consist of 388 apartments and will be delivered in 2012, while Satu Mare’s 165 flats are due for 2011.


 
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