Spanish real estate developer Hercesa plans to start next year the construction of the third stage of Vivenda residential compound in Bucharest, which will comprise 300 apartments. The company is currently negotiating a partnership for the renovation of an old building downtown Bucharest. Both projects are expected to require investments of EUR 30 million.

“Our plan is to sell the last 60 housing units in Vivenda compound by end-November. Meanwhile, we work on the third phase of the project, namely two buildings with around 300 apartments. We want to change a little bit the structure of the apartments to make them more efficient and to benefit from the VAT of 5%. We’ll start construction in June next year and the investment is estimated at EUR 16 million,” Mauricio Mesa Gomez, the head of Hercesa in Romania, told local Mediafax, reports local Wall-street.ro.

Hercesa owns several plots of land for residential projects in Bucharest, the Vivenda complex in Titan neighbourhood, and the Hotel Cismigiu.

Irina Popescu, irina.popescu@romania-insider.com