Romanian developer buys land for new residential project in northeast Bucharest

Romanian real estate developer One United Properties, founded by entrepreneurs Victor Căpitanu and Andrei Diaconescu, has bought a plot of land of 8.2 hectares from First Bank (formerly Piraeus Bank) on the shore of Lake Plumbuita in northeast Bucharest for the price of EUR 7.74 million, plus VAT, Profit.ro reported.

The land, consisting of several lots, belonged to a former brick factory and has been in the portfolio of Piraeus Bank for several years. The property was on sale for EUR 9.5 million.

One United intends to develop here a residential project called One Lake District, to include over 1,000 apartments dedicated to people with average and above-average incomes. Prices will be set in such a way that a three-room apartment will cost up to EUR 100,000, VAT included, according to the developer’s representatives.

“We have just bought the land, and, in a few months, we will have details on the surfaces of the apartments, terms of execution and investment budgets. One Lake District is an alternative for people who cannot afford to live on the edge of Lake Floreasca or Herastrau [where one United developed premium residential projects], but want to live on similar standards, with facilities, with superb views, lake, and cleaner air,” said Victor Capitanu.

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