InteRo Property Development, owned by the Canadian Topolinski Family, said it plans to invest a total of over EUR 170 million in three residential projects in northern Bucharest starting this year.

The developer received the building permit for the luxury smart home residential project Pajurei 3 Residence, with construction works set to begin in the following weeks. Meanwhile, it expects to receive the building permit for SunLight Residence in the following months.

In addition, the company also said it will soon close the acquisition of MoonLight Meadows, a 4.5-hectare plot of land in the Otopeni area with a PUZ. The large-scale residential project has an estimated investment value of more than EUR 80 million, developing more than 400 apartments in the coming years.

The three developments represent a combined investment in northern Bucharest exceeding EUR 170 million. 

Michael Topolinski III, Founder of InteRo Property Development, said: “This is a good time to build, as costs are more controlled, and real estate remains a solid investment in a maturing market like Romania. In challenging market times, qualitative projects gain traction. Buyers are taking a much more pragmatic approach to their long-term investment, looking for the best value for their purchase.”

According to him, the developer has already sold roughly 20% of the featured units in Pajurei 3 Residence (30 apartments) and about a quarter of the ones in SunLight Residence (48 apartments).

With an estimated investment value of EUR 65 million, Pajurei 3 Residence is the first luxury project in Pajura, Bucurestii Noi area, and is expected to generate investors an average rental yield of approximately 7% (considering all price levels). 

The development will feature 160 luxury living units, including 3-room penthouses and 4-room penthouses with their own private rooftop garden, plus facilities such as an outdoor pool with a barbecue area, a fitness center, a party room, an English Courtyard, a children’s playground, dog parks, and a movie space.

Meanwhile, with an estimated investment value of EUR 25 million, SunLight Residence will be a more mid-market, affordable development, ideal for investors looking for high yield. Buyers can expect a rental yield of approximately 7% (at third price level) and a return of an estimated 30%-40% on the value of the apartment in a few years, InteRo Property Development said.

This project will include 5 buildings with 180 apartments (2-room, 3-room, and 4-room with 100+ sqm garden apartments), a children’s playground, green spaces, bicycle storage, and 360 parking spots. According to the developer, 30% of renewable energy will be produced by the 125 solar panels placed on the buildings’ roofs, and all apartments will have in-floor heating.

Established by the Topolinski investor family (father Michael and his three children – Michael, Tyler, and Ashton), InteRo Property Development has been present in Romania for more than 15 years. Its list of partners includes the Romanian proptech startup Bright Spaces, the international property management company LGM Group, as well as brands like Skanska, Lidl, Balbec, and Libra Bank, private investors, and global investment funds from North America, Asia, and the nearby countries. 

Landmark deals include the 2012 purchase of 78,000 sqm on Progresului for EUR 21 million, where Vulcan Value Center stands today, and the largest transaction of 2019 when they sold half of the former Textile Dacia platform to Skanska Property Romania for EUR 23 million to build an office project.

irina.marica@romania-insider.com

(Photo source: the company)