New 4m-euro residential project

Real estate company Rom International Service (RIS) has announced it is beginning a residential project worth 4 million euros located in the Paradisul Verde complex in Corbeanca, an area north of Bucharest. The development comprises 20 villas. Works started in February, with completion of four villas planned for this year. “The investors, who have 200 million euros’ worth in projects over two years, are made up of a group of Romanian and foreign individuals, with RIS acting as the general contractor and concluding contracts with construction companies for various stages of the project,” said Cezar Lazarescu, the RIS chief executive. Work on three other residential projects and an office building is due to start soon and will have a market value of approximately 34 million euros. RIS has signed pre-contracts for the land to be used in these projects, with the entire due amounts remaining to be paid, said Lazarescu. He did not specify the value of the land or its location. “Last year there were twenty-five million euros’ worth of investments on the residential segment; investments this year total 18 million euros,” he added. The real estate market in Bucharest is continuing to attract investments in the residential segment. A series of large and medium-sized investors will begin residential projects that are expected to push down average sales prices per square metre for apartments, some players say. ZF