Adama doubles investment value

The real estate developer Adama, which carries out projects worth over 400 million euros on the local market, plans to double the value of its investments over the following couple of years.
“We estimate the projects carried out on the local market could amount to 1 billion euros on the medium term,” stated David Flusberg, president and founder of Adama.
The first projects developed by Adama in Romania include an block of approximately 20 luxury apartments, covering between 50 and 150 square metres, named Nordului 96 Deluxe Apartments, bound to be completed within a month, as well as a 3,000 square metre office building, Evocenter 1, located in Baneasa area, which required an investment worth some 3.5 million euros.
Adama is likely to become one of the major real estate developers on the local market, having announced, in the first two years of activity, the construction of approximately 5,000 housing units and offices space of over 30,000 square metres.
“We try to purchase land at good prices, so as to maintain a profit margin that will allow us develop the other projects. We purchased plots in several locations in Bucharest, but not only there,” says Flusberg.
Adama’s president also said that within six months or even an year, the number of future real estate projects might be double against those announced so far.
“In 2004, after we came to Romania, having been invited by some of our friends to research the market, I lived and worked in the same flat in Calea Dorobantilor. Afterwards, we presented the business opportunities on this market to a powerful investment fund based in New York, which came to Romania to get in touch with the market. We jointly started developing several projects,” says Flusberg, 31.
Meanwhile, Adama launched residential projects comprising thousands of flats, most of which are aimed at people with average income, being located in areas such as Titan in Bucharest as well as in other cities from the country such as Ploiesti, Brasov, Iasi and Bacau.
“We are aware that there is lots of money in Romania to purchase houses, because no new buildings have been built for 15-20 years. Moreover, the salaries are witnessing an upward trend, while the credit system keeps developing,” mentioned Flusberg.
These are the main arguments used by Adama representatives, who are currently developing projects worth 250 million euros in Bucharest and 150 million euros in the rest of the country. Besides Bucharest, Adama also plans to carry out residential projects in all the cities with over 100,000 inhabitants.