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BUCHAREST (Romania), August 8 (SeeNews) - Israeli-owned real estate developer Hagag Development Europe said on Thursday it has began works on its largest residential project in Romania, H Pipera Lake.
Out of the total number of 390 apartments to be delivered in the first phase, 45% have already been sold, Hagag said in a press release.
With a total investment estimated at 90 million euro, H Pipera Lake has received the building permit and will be developed in three construction stages, over a plot of land of 57,000 square meters.
The first phase will deliver 5 buildings of 78 apartments each, with built areas between 55 sq m and 97 sq m. The first stage will be completed by the end of 2020.
"We have decided to invest in Romania because we saw the huge potential of the market and we are convinced that H Pipera Lake will bring added value to the northern part of the city. We are thrilled to start the construction works for the first phase with an occupancy rate of 45%. This percentage is the clear expression of the interest that people have for our project and is also a confirmation that the market has remained dynamic," Hagag Group chairman and board controller, Yitzhak Hagag, said.
"Romania continues to be a strategic choice for us and we are planning to add new properties to the local portfolio of the company, as well as to announce new projects,” Hagag added.
Developed on the shore of Lake Pipera, the project will comprise 1,350 apartments distributed in 17 buildings. Furthermore, the residential compound will feature over 1,600 parking spaces, generous green spaces, playgrounds, a promenade area on the lake shore, a mini-market and pharmacy located inside the complex,and private gardens for the ground floor apartments.
"H Pipera Lake is a large-scale project, and the start of construction works marks an important moment in the expansion plans of the company on the local market. Located in an emerging area that today accomodates more than 1,200,000 sq m of office spaces, H Pipera Lake aims to become the ideal home for everyone who unfolds daily activities in the nearby office pole, but also for people who are looking for a home away from the city rush and yet close to all points of interest of modern living: supermarkets, shopping malls, restaurants, etc.”, Hagag Development Europe chief operating officer Ana - Maria Pop said.
BTD Construct was appointed general contractor of the project.
In February, Hagag said it has obtained the building permit for the upgrade of the H Victoriei 139 residential building in Bucharest. The budget allocated for the consolidation and modernization of the building is 10 million euro.
Hagag Development Europe is a real estate developer specialized in residential and commercial projects in Romania. The company is involved in the acquisition, development and renovation of several buildings and projects involving more than 150 million euro invested in Bucharest's top development areas.
($= 0.8829 euro)