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BUCHAREST (Romania), November 6 (SeeNews) - Romanian real estate developer Metropolitan Residence said on Wednesday it plans to invest 100 million euro ($111.2 million) in a mixed-use real estate project in Bucharest.
Located in the northern part of the Romanian capital, Crown Towers will feature 230 apartments as well as offices, retail spaces and leisure areas, Metropolitan Residence said in a press release.
Works on the 10,000 sq m project are expected to be completed by the end of 2021.
"Customers are getting better informed about this high-end segment and have higher expectations as well as more sophisticated requirements," Metropolitan Residence general manager Silviu Grigorescu said.
In September, Metropolitan Residence said it plans to invest 25 million euro in two residential projects located in central areas of Bucharest. The real estate developer said at the time that it maintains its interest in the northern part of the capital, and plans to kick off other major residential projects on the approximately 6 hectares of land that it owns in this area.
Metropolitan Residence is one of the largest real estate developers in Romania with 100% domestic capital. It made its debut on the real estate market in 2010 and has developed 17 residential projects with a total of 3,000 apartments since. The value of its investments exceeds 200 million euro.
($= 0.8991 euro)