Romanian-Israeli company develops 22m-euro real estate project in Bran

AlfRom Holding and Kadna Real Estate, which operate with Romanian and Israeli capital respectively, have started the construction of 192 holiday flats in the Bran area, with the total value of the project above 22 million euros, Stefan Kovacs, general manager at Kadna, told MEDIAFAX agency. The complex, called “Floarea de Colt”, is being developed on a 16,700 square-metre plot of land and will eventually consist of 12 villa-type buildings, which will include a total of 192 housing units, from studios to three and four-room duplexes. Construction works started in August, and the first villas will be available by the spring of next year. The deadline for the whole project is the middle of 2009. “The studios have a surface area of 52 square metres, the two-room flats cover 72 square metres, while the two and three-room duplexes stretch over 109 and 141 square metres respectively. Prices range from 67,000 euros (plus VAT) for a studio, to 178,000 euros (plus VAT) for a four-room duplex. The flats were put up for sale at the start of this month,” said Kovacs. He added that the project’s total value would exceed 22 million euros. “These are holiday flats. We target people who want to have a home in the mountains and can choose to rent out the property when they are not using it,” specified Kovacs.