British developer takes over distressed residential project in northern Bucharest

British developer Comfort Homes is reportedly going to complete a large-sized residential project in northern Bucharest started years ago by Arcom, a construction company owned by local businessman Gigi Becali, Economica.net reported.

The project, including 1,200 apartments, has been insolvent for ten years. Construction work initially began on three blocks, but they stopped and were abandoned.

In early 2017, Gigi Becali told Capital magazine that he sold the project to Austrian investors for EUR 14.2 million.

The project, called Ivory Residence, will include 1,200 apartments in six blocks. In the first phase, the developer plans to complete three blocks this year and three more next year. The project's second phase involves the construction of a neighboring complex with six more blocks.

Apartment prices start at EUR 52,000 plus VAT for a studio, while a three-room apartment is priced at EUR 121,000 plus VAT.

Comfort Homes is a 20-year-old developer that has developed projects in London, Birmingham and Somerset, and is owned by British-Indian investor Ghai Sant Ram.

(Photo: Somporon Suebhait/ Dreamstime)