NEPI Rockcastle intends to start this year the construction of a residential complex with over 250 apartments near the Vulcan Value Center shopping center in the Rahova district of Bucharest. The moment of the South African developer’s entry on the residential sector coincides with a period of uncertainty regarding the expansion on the retail sector of the real estate market, which the investor dominates in Romania.
“Starting this year, NEPI Rockcastle plans to develop residential projects in areas adjacent to some of the malls it has in its portfolio in Romania. The cities targeted, in the first phase, for these projects are Bucharest, Timișoara, Brașov, Craiova, Râmnicu Vâlcea and Satu Mare. In Bucharest, we are considering the development of two large residential projects: the first will be located in the immediate vicinity of the Vulcan Value Center, and the other, near Mega Mall. The residential complexes will be significant in size, comprising more than 250 apartments each”, said Iulian Rusu, Head of Residential at NEPI Rockcastle.
