Hungarian developer starts work on EUR 40 mln residential project in Bucharest

Cordia Romania, a real estate developer specialized in residential projects that is part of Hungarian group Futureal, has started work on the Parcului20 residential compound, a EUR 40 million project.

The compound is located in Bucharest’s Expozitiei area. Romanian construction firm Concelex is the project’s general contractor.

“Parcului20 will bring on Bucharest`s residential market 469 apartments destined for the medium and medium-high segments, being one of the first smart residential projects in Romania,” said Mauricio Mesa Gomez, Country Manager Cordia Romania and Member of the Board Cordia.

Parcului20 will be developed in two phases over the next three years. The construction of the first 260 apartments will be finished by September 2020, and the second phase will be delivered eight to twelve months later.

Cordia Romania recently acquired four land-plots located in Northern Bucharest, with the purpose of developing residential projects destined for medium and medium-high segments. The total investment in the development of the four plots, part of Cordia`s long-term strategy in Romania, amounts to approximately EUR 100 million, in addition to the EUR 40 mln to be invested in the Parcului20 project.

(Photo source: the company)