Polus Real Estate builds 220m-euro district in Cluj

Polus Real Estate, a part of the Hungarian real estate group TriGranit, will build a residential district worth over 225 million euros in Cluj in the next three years. Polus Real Estate formed a partnership with the Cluj Local Council, which offered the builder a 203-hectare plot of land near Someseni, five kilometres north of the centre. The company will build 1,710 flats and 924 houses. “The average price of a flat will stand at 50,000-60,000 euros, i.e. 600-700 euros/square metre, stated Florin Ciorca, the project’s development manager from Euromentor, partner of Polus Real Estate. Florin Ciorca says Polus Real Estate won the tender organised by the Cluj local county, offering more free social dwellings to the Cluj municipality than the rival companies, one of which was Impact. “We offered 384 free social dwellings to the Cluj Local County. A trading company will be set up, where 51% of the shares will be owned by the Local County and only 49% by Polus Real Estate. From the net profit, which we estimate at 9.1 million euros per year, Polus Real Estate will give another 180 social homes to the Local Council,” says Ciorca. ZF