20m-euro residential complex at Ghimbav

The Chrytis company this year will begin constructing a residential complex covering almost 7 hectares of land in Ghimbav, Brasov county. The value of the investment is put at some 20 million euros, according to the company”s deputy chief executive, Marcel Suciu. “Works will start in the May-June period and will be completed in three to four years”, said Suciu. The complex will be made up of 120 houses, with the surface area and the price to be established during the months to come. Funding will be both self-sustained and from bank credits, the Chrytis representative added. Two years ago the company started the construction of a residential complex on the outskirts of Ghimbav, covering a total surface area of 16,500 square metres and comprising 32 individual and duplex villas. “The complex is 95% finished and all the houses have already been sold,” said Suciu. Chrytis was set up in 1992 as an importer and distributor of printing products. The company changed its core business in 2004, when it entered the real estate market. The company last year registered turnover worth 18.6 million RON (about 5 million euros), higher than the 17 million RON it achieved in 2004. Company management estimates to see 20% turnover growth this year. ZF