NEPI Residential, the residential division of the NEPI Rockcastle group, the main investor and developer of shopping centers in Central and Eastern Europe, announces the sale of 35% of the Vulcan Residence complex, seven months after construction began.
“The construction of Vulcan Residence is advancing at an accelerated pace, which exceeded our initial estimates. The real estate market is in a stage of recovery, in which the effects of the pandemic are lagging behind, and developers are focusing on new projects and major investments in this direction. In the residential sector, from what we have noticed in recent months, the demand is growing, and people’s preferences are moving towards quality, more than ever, whether we are talking about the way the building is built or about the finishes. I think that the period in which we worked mainly from home changed the perception of Romanians, who are much more attentive to the size and compartmentalization of spaces, to the area where the complex is located and, overall, to the quality of the project,” said Iulian Rusu, Head of NEPI Residential.
According to the company’s data, related to the sales within the Vulcan Residence project, one of the main trends manifested in recent months on the residential market is the increase in demand for 2-room apartments, 47% of the contracts concluded so far being for this type of housing units, followed of those with 3 rooms.
“During this period, we focus primarily on the Vulcan Residence project. The price of the materials is secured for the complete construction of Vulcan Residence, which means that there will be no cost increases for buyers. We also notice that, so far, young people are the main buyers in our complex,” said Andrei Radu, Development Director, NEPI Rockcastle.
Vulcan Residence, the first residential project of the NEPI Rockcastle group, will have Gf + 12 floors, with 12 floors secluded, and 254 apartments (single and double studios, 2, 3 and 4 bedroom apartments, as well as two penthouse units levels). The architecture of the building, the construction to the latest standards of sustainability and energy efficiency (nZEB), as well as modern finishes contribute to transforming the area into one adapted to the contemporary lifestyle.
The project in the September 13 area, Bucharest, will be completed in the third quarter of 2023, and the investment amounts to approximately EUR 22 million.
