Israeli developer breaks ground on EUR 90 mln residential project in Bucharest

Israeli real estate developer HAGAG Development has started the construction of its largest residential project to be developed in Romania: H Pipera Lake.

Some 45% of the 390 apartments to be delivered in the first phase have already been sold.

With a total investment estimated at EUR 90 million, H Pipera Lake has received the building permit and will be developed under three construction stages, on a land plot of 5.7 hectares. The first phase will deliver 5 buildings of 78 apartments each, comprising double studios, 2 and 3 rooms. The units will have built areas between 55 sqm and 97 sqm. The first stage will be completed by the end of 2020.

"We have decided to invest in Romania because we saw the huge potential of the market and we are convinced that H Pipera Lake will bring added value to the northern part of the city. We are thrilled to start the construction works for the first phase with an occupancy rate of 45%,” said Yitzhak Hagag, Chairman and board controller of Hagag Group.

“Romania continues to be a strategic choice for us and we are planning to add new properties to the local portfolio of the company, as well as to announce new projects,” he added.

BTD Construct was appointed general contractor of the project. Developed on the shore of Lake Pipera, H Pipera Lake will include a total of 1,350 apartments in 17 buildings.

(Photo source: Pipera-lake.ro)