Romanian developer One United gets third major construction permit in two weeks

Romanian real estate development and investment firm One United Properties (BVB: ONE) received the green light for the first phase of the One Lake Club residential project, an investment in the central-northern part of Bucharest close to Tei Lake.

The second phase already has the permits since One United bought the land with the permits already issued.

It is the third permit the developer has obtained in the last two weeks, with the three permits unblocking investments summing up to 1,600 housing units and EUR 430 mln investments, according to estimates of Economica.net. Previously, One United announced that it got the permits for One High District, an investment of EUR 150 mln and 800 apartments, and One Floreasca Tower, with 208 apartments and an investment of over EUR 60 mln.

With a Gross Development Value (GDV) of EUR 219 mln, phases 1 and 2 of the One Lake Club development will jointly host seven towers, with 663 apartments, 10 commercial spaces and 853 parking spots, having an estimated Gross Buildable Area (GBA) of approximately 75,260 sqm.

(Photo source: One United Properties)