Copper Beech group, controlled by British investors, will invest around 800 million euros in the development of a large real estate complex in the North of Bucharest, which will include 1,800 homes and stretch over 380 hectares. The project is part of an approximately 2.5 billion-euro investment programme for the construction of 16,000 homes in Bucharest and the surrounding area.
"The Bucharest market is set to see strong growth over the next few years, and we intend to focus on residential projects. According to our estimates, the housing deficit in the capital city stands at around 300,000 homes. Additionally, Bucharest's population will increase by around half a million people within the next five years, due to an increasing number of foreigners moving to Romania, people returning from abroad to start businesses in the capital, and the arrival of a large number of people from the provinces," said Diwaker Singh, managing director of Copper Beech.
Copper Beech launched its first residential project on the Romanian market yesterday, which involves the construction of a 16-storey block of flats with 156 flats, in the Colentina area of Bucharest.
The Blue Tower project, on which construction works started last month, is worth 30 million euros and is being developed on a 5,500 square-metre site, nearby the Plumbuita Lake, and will be completed by mid-2009. The total built area will cover over 25,000 square metres.
The block will include studios, flats and penthouses, ranging between 45 and 200 square metres. The average price per built-up square metre ranges from 1,400 to 1,580 euros, VAT excluded.
The funds required for the development of the Colentina project have come from the company's own resources, as well as from a 14 million-euro credit granted by Alpha Bank.
At present, 110 flats in the Blue Tower project have been sold to individuals, companies and international investment funds.
