Niro starts 50m-euro residential project

Niro Group has announced the start of the 50 million euro Central Park residential project situated in the Soseaua Stefan cel Mare-Barbu Vacarescu area of Bucharest. The project, which is scheduled for completion by 2007, will have a built surface area of over 110,000 square metres and is located on a plot of around 28,000 square metres. The Niro Group, which is owned by Romanian investors, comprises 17 companies operating on a variety of segments: from consumer goods, food (production, distribution and trade), real estate and housing to the capital market and security services. “The funds for the project will come from our own resources and bank loans,” said Anca Raducan, the representative of Central Residential Park, the developer of the project in which Niro is a majority shareholder. The Central Park complex would have more than 400 apartments contained in 11 and 12 storey buildings and each apartment would have 2, 3, 4 and 5 rooms, said an announcement by Colliers, a real estate company and promoter of the project. The buildings in Central Park will be erected around a 14,000 square metre plot of land that will be home to a private park. ZF