Euro Vial Residence, one of the most important real estate developers active in Constanta's regional real estate market, acquired at the end of last year a 2,500 sqm plot of land in Mamaia Nord on the Romanian Black Sea coast. The transaction is worth over EUR 1.5 million.

The land plot is located near Sea ON's private beach and will be used to extend the facilities of the residential project.

Sea ON, which Euro Vial completed in the summer of 2021 after an investment of over EUR 30 million, consists of 392 apartments and eight commercial spaces in two buildings with ten floors. Plus, it offers multiple facilities, including direct access to the 5,000 sqm private beach, a 2,000 sqm commercial gallery, and concierge and hotel apartment management services.

"We sold over 90% of the units, and we will use the recently acquired plot of land to extend the project with a series of new facilities, which will complete the Sea ON concept. We are in the process of identifying a reputable HoReCa operator, and we will include new leisure spaces, including those dedicated to children," said Virgil Lixandru, Managing Partner of Euro Vial Residence.

The developer plans to kick off works on the new spaces in the next period and complete it before the 2022 summer season.

Mamaia is one of Romania's most dynamic real estate regional markets, with over 14,000 residential units delivered in the last decade, surpassing middle and even large cities from Romania, according to official data of the National Institute of Statistics quoted by Euro Vial. In addition, several other thousand new units are under construction in Mamaia, set to be completed in 2022 and beyond.

irina.marica@romania-insider.com

(Photo source: the company)