Rock Development invests EUR 32 mln in second phase of Bucharest residential project

Real estate developer Rock Development is investing EUR 32 million in the second phase of Avrig Park Residence in Bucharest’s Bucur Obor area, consultant SVN said. Construction has reached approximately 25%, with completion scheduled for December 2027.

The new phase will include 222 apartments, of which 117, or 53%, have already been pre-sold. The project’s first phase, comprising 134 units, has been completed and sold.

“Semi-central and central areas of Bucharest should account for at least twice their current share of total housing deliveries in the city and its surrounding areas,” said Andrei Sârbu, CEO of SVN Romania, the project’s real estate consultant and exclusive agent.

He added that Bucharest’s planning regime has limited the number of developments in semi-central areas.

According to SVN data, projects in Bucharest’s semi-central areas represented only 3%-4% of homes delivered across the Bucharest-Ilfov region over the past three years. Around 750 units are expected to be delivered this year, while a further 900 apartments have been announced or are under construction for completion over the next two years.

Rock Development has previously invested more than EUR 53 million in Politehnica Park Residence and the first phase of Avrig Park Residence, delivering more than 570 homes in total.