Turkish-based Opus to build residential complex in Stefanesti

Opus Project & Development, a Turkish-based firm, has started construction works on a residential complex in Stefanestii de Jos, a project that will entail investments worth 600-700 million euros. The Cosmopolis project, developed in Stefanestii de Jos, north of Bucharest, will include 4,600 to 6,000 homes and is the first foreign investment for the Turkish-held company. The mortgage lending problems in the USA, which have also affected several European markets, have also raised the issue of overheated property prices on the Romanian market. “Within the context of the world crisis, the Romanian market remains the least affected due to the quality of mortgage lending and the scale of the market. “Some projects could have excessively high prices, but we are not talking about a “bubble” on the Romanian market,” says Ahmet Buyukhanli, president of Opus. The investment in the Stefanesti-based project is estimated to be worth 700 million euros, with the developer’s revenues set to amount to around one billion euros after the project is finished. Works for the first stage of the project started in August this year, with 567 homes in 44 apartment buildings expected to be ready within 18-24 months. According to Buyukhanli, the first stage of the project’s investment, which includes building a church, a kindergarten and commercial spaces, amounts to 60 million euros, with an estimated market value at 77 million euros.