40m-euro residential project for Anchor Grup

Anchor Grup, a part of the Turkish group FIBA, will invest 40 million euros to develop a 500-flat residential project close to Bucuresti Mall. “The complex will be built on a 90,000-100,000 square metre plot of land, located on Calea Dudesti, close to Bucuresti Mall,” says Ibrahim Paksoy, general manager of Anchor Grup. Construction work for the project, called InCity Residence, will start in the spring of next year and will be finalised in the first half of 2008. The Anchor Grup representative specified that the investment was estimated at 40 million euros and that it would be possible to modify the sum depending on how the project goes. The group will develop several blocks of flats and office buildings next year and is considering the possibility of launching the first real estate projects on the provincial market. The group announced in June it would enter the residential segment, in partnership with construction firm Summa, to build two complexes in the Capital City, located on Calea Dudesti and in the Floreasca area.