140m-euro real estate project planned in northern Bucharest

Spanish-held Delorian Group next year will start developing a real estate project in the northern area of the Capital, which will include 1,000 apartments and retail spaces with an overall area of 100,000 square metres. The value of investments revolves around 140 million euros. The complex will be developed on a 50,000 square metre area of land located between the Ionescu-Sisesti highway and Grivita lake and will include 13 buildings with around 1,000 apartments and retail and services spaces covering an overall built area of around 100,000 square metres. According to Andrei Sandu, the general manager of Mediacity, the project’s consultant, the market value of the project, at the time the work is completed, will reach 200m euros, which is calculated at the area’s current asking price of around 2,000 euros per square metre. Sandu stated he had contacted a series of companies and foreign investment funds interested in partnerships or even in purchasing the project, with the relevant decisions to be made after the construction licence is obtained.