Meropolitan Residence to invest 25 mln euro in two Bucharest projects

Located in central areas of capital Bucharest, Metropolitan Mihai Bravu and Metropolitan Viilor will have a total 281 apartments, Metropolitan Residence said in a press release.

Works on the two projects, which mainly target the middle class segment, are estimated to be completed by the end of 2021.

"We chose the two central locations, because we noticed infrastructure developing and quality of life improving in these two areas, which helps us to position the apartments in the middle-class category, with sale prices between 1,500 and 1,600 euro per usable square metere," Metropolitan Residence managing partner Dan Dragulin said.

The Metropolitan Viilor residential complex, to be located at a short distance from Carol Park, will feature 200 apartments with 2, 3 and 4 rooms. Metropolitan Mihai Bravu will have 81 2- and 3-room apartments.

Metropolitan Residence said it maintains its interest in the northern area 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 debuted on the real estate market in 2010 and has developed several residential projects with a total of 3,000 apartments. The value of its investments exceeds 200 million euro.

($=0.9054 euro)