Marr Group to invest 70m euros in housing

The prices for plots of land in the Capital, especially in central areas, are the most expensive in the region, according to Marat Safin, president of the Marr group, which is developing the Corbeanca Forest residential project near Bucharest. The representative of the Marr group announced the company would invest 70 million euros to build two villa districts in the locality of Corbeanca. Marat Safin is the son of the vice-chairman of the Russian petroleum group LukOil, Ralif Safin. Marat Safin runs a Russian conglomerate, with operations in fields such as real estate, financial services, energy and the sugar industry, which is controlled by the Safin family. Corbeanca Forest, the first such project initiated in the Corbeanca area, will have two types of villas, with a built surface of 220 square metres and 294 square metres respectively. Plots of land will range from 500 to 700 square metres. The price of a home is 850 euros plus VAT. The housing district near Corbeanca Lake will be built in three stages, scheduled for completion in March and September 2007, and in March 2008 respectively. Raiffeisen Bank will be the sole funding providers for the Corbeanca Forest Project.