New Romanian property developments on the way

Country:  Romania

16 June 2008

Global Finance Real Estate (GFRE) has announced that it will invest €400m (£315m) constructing three residential-led projects in and around the Romanian capital of Bucharest.

The first scheme will be a mixed-use development called Global City and will be located in the Pipera area. It will have a built area of 130,000sqm and cost €130m (£102m).

Ellias Georgandas of GFRE said: “We started the project six months ago and we will aim to deliver 400 homes by the end of 2009.”

The second project called, Global Gardens, will include between 600–700 apartments, along with retail space.

The final project to be constructed by the company will be a high-end scheme comprising 350 luxury apartments, office and retail space.

Georgandas added: “For each of them we are allocating between €80m and €130m.”

GFRE plan to build further projects across Romania as well as move into Serbia.

Georgandas concluded: “What attracted us to Romania was its being a full member of the EU, the western mentality of the market, and the size of its population. We think that the capital city could double in size in a few years. Compared to Poland Romania offers some advantages, such as the good potential for growth. Bulgaria, for us, has the same advantages as Romania, while Serbia is more and more profitable, being next only to Romania in terms of the market level, but offers us more opportunities for investment.”

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