The American investment fund Bucharest Properties REIT is preparing the construction of a new residential complex near the Văcărești Natural Park. Investors have not yet decided whether the homes will be dedicated to rent or sale.
The Americans own, since 2017, a plot of land with an area of about 5,000 square meters near the Sun Plaza mall. For this land, real estate investors have begun to prepare the necessary documents for the construction of two 11-story buildings with 167 apartments, which represent the first stage of a larger residential complex. The investment in the first stage of development is estimated at a minimum of 10 million euros.
“The project is still in the planning stages, so not much information is available. I can confirm that the development will require a minimum investment of 10 million euros. We intend to start construction after all authorizations are in force,” said Kim Vrânceanu, CEO of Bucharest Properties REIT.
Source: Profit.ro
