40m-euro real estate project in Cluj

Mao Imobiliare company, a Romanian-Italian joint venture, last week began construction works on a 1,200-apartment complex in the Buna Ziua area of Cluj-Napoca, said Claudiu Botea, a manager with Arhimar, the architect of the project. “The total value of investments will go beyond 40 million euros. The project, developed on an area covering 58,000 square metres, will include 1,200 apartments, 10,000 square metres of office space and 7,000 square metres of shopping space,” said Botea. He added the project would also include a “city hall” to coordinate administrative activities, a kindergarten, playgrounds, a pool and a multifunctional sports field. The shareholders of Mao Imobiliare are an Italian real estate developer and Elite, a local realtor. Apartments, which are expected to be available in 2 years, will have areas ranging between 50 and 150 square metres.