Pro Confort invests 70m euros in 1.500 flats

Pro Confort group, controlled by brothers Ionut and Robert Negoita, is poised to invest approximately 70 million euros within the next two years to build a housing complex with 1,500 flats in southern Bucharest. “The project will be carried out on an area of land covering 4.5 hectares, located in the Vitan, close to our hotel, and will include 12 blocks comprising around 1,500 flats in total,” stated Ionut Negoita, one of the group’s shareholders. The blocks consist of ground floor plus ten storeys and will include 1-4 room flats. The average retail price will stand at 1,200 euros per built square metre. According to Negoita, total investments are estimated at 70m euros, excluding land acquisition costs. Financing will be come, in equal shares, from the group’s own funds and from bank loans. The construction started in August and will be finalised in the spring of 2009. In June, Negoita announced the group planned to start building a mixed project that was set to include a 75,000 square metre mall and office spaces with a total area of 50,000 square metres. The project, the first investment by the group on the retail segment, will be developed in the same area, Vitan, will overall investments expected to exceed 80 million euros.