Investors turn to blocks of flats

Northern Irish company Mivan announced it would invest 85 million euros in a residential project in Bucharest, while Avrig 35 will build a complex of flats on an approximate 40,000 square-metre plot of land, according to sources from the real estate market. New Town Residence, developed by Mirvan, will consist of 655 flats and will be located at the crossroads of Baba Novac Street and Mihai Bravu Road, on Dristorului Street. The project that has a 23,000 square-metre surface area, will be developed in two stages. Construction work will start in the last quarter of this year, and the first flats will be delivered onto the market at the end of 2007 or at the beginning of 2008. As for the Avrig 35 project, neither the value of the investment nor the time when work is supposed to begin are known as of yet.