Carmel Investments to invest EUR 400 million in real estate projects by 2013
24 June 2008
Israeli real-estate developer Carmel Investments Group, plans to invest EUR 400 million in building 3,000 apartments and 50 villas in Bucharest and Cluj-Napoca in the next 5 years, Jacques Beer, executive director of Carmel International Group, said.
''The first project, named “Green Vista”, will be built near the American School in Pipera. The investment for this project tops EUR 30-35 million. Apart from this, we bought three more plots of land, one in Bucharest and one in Cluj-Napoca,'' Beer said.
The project in Pipera will have a built-up area of 37,500 square meters and will consist of three buildings totalling 229 apartments.
The developer’s largest project on the Romanian market will be located in Cluj-Napoca’s Buna Ziua neighbourhood and will consist of 1,500 apartments.