September 16 (SeeNews) - Israeli-owned real estate developer Hagag Development Europe said on Thursday it has received the completion certificate for an upgrade of its Bucharest residential project H Victoriei 139.
Some 85% of the available apartments have already been sold, while 50% of the commercial space available on the ground floor is currently leased, Hagag said in a press release.
Located in central Bucharest, H Victoriei 139 comprises 33 premium apartments and over 300 sq m of commercial space.
"This moment marks a major milestone for us as a company, but also for Calea Victoriei. We are proud to see how our vision is brought to life, day after day, and we are glad to have completed the construction works with such a significant occupancy rate," Hagag Development Europe co-founder and shareholder Yitzhak Hagag said.
H Victoriei 139 is currently the only premium residential project located on Calea Victoriei - one of the most trafficked arteries in the Romanian capital city.
Designed around the year 1940 and in possession of Hagag Development Europe since 2017, the building, formerly classified as a seismic risk class 1 structure, displayed an advanced state of degradation with a high risk of collapse when purchased, Hagag said.
Hagag obtained the building permit for the upgrade of the H Victoriei 139 in February 2019 and said at the time it allocated a 10 million euro ($11.8 million) budget for the consolidation and modernization of the building.
Hagag Development Europe is specialized in residential and commercial projects in Romania. The company is involved in the acquisition, development and renovation of several buildings and projects involving more than 200 million euro invested in Bucharest's top development areas.
($= 0.8456 euro)