Romanian developer buys 4.5 hectares in Bucharest for residential project

Romanian real estate developer Novum Business Invest, known for several real estate projects in Bucharest and a hotel complex in Neptun Olimp resort - Novum By The Sea, has bought a land plot of almost 4.5 hectares in Bucharest, near Carol Park.

The group will use the land to develop a residential project with 500 apartments. The value of the investment is about EUR 65 million.

The project will be developed in two phases and will consist of five residential buildings, a kindergarten and commercial spaces.

“The area of the project has great potential being in a semi central location, with a metro station and Carol Park within walking distance. Taking into consideration also the good timing (high demand for residential and the project, plus a building permit already in place), and the vast experience of the developer, which has already developed more than 2,300 units, we are sure that this part of the city will become a desirable address,” said Ionut Stan, Associate Director, Land Development, at local real estate consultancy firm Crosspoint Real Estate, which brokered the land deal.

(Photo courtesy of the company)