Ionuț Negoiță, the former owner of Dinamo football team, has started construction of a major new residential development with 720 apartments in Pallady area of Bucharest. Edificia Star Construct, the company indirectly controlled by the Negoiță family, bought two plots of land with a total area of 15,000 sqm from the Swedish retailer IKEA.
“We started this new residential project on the basis of a Zoning Urban Plan already authorized in the past by IKEA. We are now building 4 blocks with 3 basements dedicated to parking and 11 floors above ground, which will have a total of 720 apartments. The completion of the project is planned in two years,” said Ionuț Negoiță.
The development cost of this project is estimated at EUR 35-40 million and will be supported by the investor’s own capital. This project could be expanded in the future, as the Negoiță family also owns other adjacent land with a total of about 37,000 sqm.
Source: Profit.ro
