Conarg to invest EUR 210 million in three residential projects
01 February 2008
Conarg Real Estate, a company in Pitesti (100 km northwest of Bucharest), plans to invest EUR 210 million in three residential projects including some 3,500 apartments. The work is scheduled to begin this year.
The first project, Rasarit de Soare (Sunrise), is located in the Titan area of Bucharest, near French Auchan shopping centre, and will consist of 988 apartments and a constructed surface of 85,000 square meters.
“The investment for this project amounts to EUR 60 million and its market value upon completion will be EUR 75 million,” said Valentin Visoiu, President of Conarg.
Raiffeisen Bank will finance 70 percent of the investment, and the project is expected to be completed in 2010. “We also have a budget of EUR 150 million for two other projects which will have some 2,500 apartments.
The first is Quadra Place 2, located near west-central Politehnica Park in Bucharest, and the second will be located in Bucharest’s south-western Sector 5," said Visoiu. Work on these two projects will last three years.