35m-euro residential complex in northern Bucharest

American investment company Ferco Investments will develop a residential complex in the North of the Capital, in which it will invest 35 million euros, says real estate company CB Richard Ellis. The residential complex, Liziera Residence, will stretch over 52,000 square metres and will be located on Pipera Tunari road, one of the most attractive areas in terms of residential investment. Construction will start this autumn, as the construction permit has already been issued. The project entails building four seven-storey apartment buildings, resulting in a total of 176 new apartments, which are available with either one, two or three rooms, as well as a penthouse. The average price per square metre for an apartment in the Liziera complex will cost somewhere between 1,200 to 1,450 euros, excluding VAT, according to company officials. The complex, which will be completed in 2008, comes as a continuation of the hefty investments on the residential market over the last few years. So far, foreign companies have conducted residential projects in areas of Bucharest that show promise, such as Colentina, Militari or Baneasa.