Contanta’s Euro Vial Residence acquires a plot of land in EUR 6.5 mln transaction

Regional real estate developer Euro Vial Residence recently announced that it acquired a six-hectare plot of land located in the northern area of the city of Constanta, towards Ovidiu, in a transaction with a value of EUR 6.5 million.

A mixed project is going to be developed on the acquired land, which will include over 800 apartments and villas, a strip mall with a surface of 10,000 leasable square meters, multiple green areas, service spaces, and smaller shops. The project will be located in the Palazul Mare area, in northern Constanta, an area in full urban development, in the vicinity of Ovidius Clinical Hospital, the biggest private hospital in Dobrogea, and the future private school Spectrum.

The entire surface is divided into 12 plots. The company plans to start the general infrastructure works for all the plots, from the road infrastructure with direct access to Tomis Boulevard to the construction of all the public utility networks (sewerage, water supply, electricity, and gas). This stage of the project will require an estimated investment of about EUR 1.5 million.

After the infrastructure works, the first residential phase of the project will be started. Three buildings with six floors and a total of over 200 apartments, commercial spaces located on the ground floor of the building, and exterior parking lots will be part of this phase.

”Given the size of the land, we will develop one of the largest residential projects in Constanta. It will be a mixed project, with multiple social functions for its residents, located in the northern area of the city, the most sought, both by Constanta’s residents and also by investors from other regions. The new project will attract an investment of over EUR 50 million,” stated Virgil Lixandru, managing partner Euro Vial Residence.

So far, Euro Vial Residence completed three residential projects in Mamaia – Sea ON and Lake ON – and in Bucharest – Forest ON, in the Baneasa area – with a total of 604 apartments, following total investments of EUR 55 million. The company is currently developing two residential projects, Private Lake in Mamaia, with a delivery date set for December 2024, and Labirint Residence in Constanta, both comprising 112 apartments.

(Photo source: press release)