April 3 (SeeNews) - Romanian real estate developer InteRo Property Development said on Wednesday that it will invest more than 170 million euro ($183.1 million) in three real-estate projects in the capital Bucharest.
InteRo has received the construction permit for the residential project Pajurei 3 Residence, with works set to begin in the next weeks, the company said in a press release. The project will have a capacity of 160 living units and is projected to cost 65 million euro.
The company added that it expects to also receive the construction permit for SunLight Residence, a nearly-zero emission building (nZEB) residential project with an estimated investment value of 25 million euro. SunLight Residence will comprise 5 blocks for a total of 180 apartments.
InteRO will also soon close a deal to buy a plot of land, which has an urban zonal plan (PUZ) and spans 4.5 ha, in the Otopeni area of the capital. Here, the company plans to develop MoonLight Meadows, a residential project with a planned capacity of more than 400 apartments and an estimated investment value of 80 million euro.
"This is a good time to build, as costs are more controlled, and real estate remains a solid investment in a maturing market like Romania. [...] Already, we’ve sold approximately 20% of the featured units in Pajurei 3 Residence (30 apartments) and approximately a quarter of the ones in SunLight Residence (48 apartments)," InteRo Property Development founder Michael Topolinski III said.
InteRo is a real estate development company owned by the Canadian Topolinski family. The company has been present on the Romanian market for more than 15 years, and its portfolio includes projects NorthLight Residence, New Confort City, SkyLight Residence, Bucurestii Noi, Pajurei 3 Residence, and SunLight Residence.
In 2022, InteRo Property Development booked a net loss of 4.1 million lei ($888,619/825,132 euro) on revenue of 4.3 million lei, according to finance ministry data.
($=0.9286 euro)
(1 euro=4.9689 lei)