Local investors start EUR 100 mln residential development in Bucharest

Straulești Lac Alfa, a company owned by Romanian investment company SIF Moldova and Cityring Property has started the development of a large-scale residential village with 1,400 apartments, in Northern Bucharest. The total investment in this project is estimated at over EUR 100 million and will be carried out in four phases, until 2023. The new project, called Atria Urban Resort, is located in Bucharest's District 1, near Straulesti Lake, adjacent to the Colosseum Retail Park, and spans across nine hectares of land. The first phase comprising 160 apartments (studios, one and two bedrooms), a private park and a pool dedicated to residents is already under construction and will be delivered in the third quarter of next year. Three-quarters of the project’s surface is dedicated to interior parks, green spaces, alleys and parking units, integrated in a unitary-landscape concept, according to Liviu Lepadatu, CEO, Cityring Property, which manages the real estate project. SIF Moldova, which manages EUR 400 mln worth of net assets, is also an investor in Veranda mall and Baba Novac Residence. editor@romania-insider.com (photo source: Atriaresort.ro)