Neocity enters residential sector

The Neocity Group, a company controlled by Israeli investors, will invest 300 million euros in the NeoPeninsula residential complex, which will have 2,700 apartments and will be located in the Eastern part of the Capital, in the Heliade intre Vii area, according to company representatives. NeoPeninsula is the first residential complex developed in Bucharest by the Neocity Group and is part of a more extensive investment programme. Investment in the Romanian residential complex will amount to approximately one billion euros, for the 2006 – 2009 period. The residential project will be built close to the Colentina River and the Fundeni Lake, and will consist of one, two, three and four-room apartments in 16 apartment buildings, that will have 14 to 24 storeys.