Investor buys 8 apartments in One Floreasca Lake Bucharest residential compound, for almost EUR 3 mln

An individual investor recently bought four apartments in the residential project One Floreasca Lake, developed by One United Properties in Bucharest, for some EUR 1.36 million, according to Crosspoint Real Estate. The same person bought four other apartments worth some EUR 1.5 million from the same developer in 2013, Mihai Dumitrescu, managing partner of Crosspoint Real Estate, told Romania-Insider.com. The investor, who has chosen apartments in several projects run by One United Properties, wished to remain anonymous. The person bought a penthouse, a three-roomed apartment and two two-room apartments in 2013 for some EUR 1.5 million. His recent transaction involved two apartments of two rooms, and two apartments of four rooms, all with a view to the Floreasca lake, Dumitrescu detailed for Romania-Insider.com. “We haven’t seen transactions at such high values in a long period of time, for luxury residential units, still under construction,” the Crosspoint Real Estate manager also said. The residential project One Floreasca Lake is under construction, and should be ready mid-2015. One United Properties was founded in 2011 by Andrei Diaconescu and Victor Capitanu, two of the founders of Capital Partners. All four apartments subject to the recent transaction are located in the only building still under construction within the compound, which is located on the Floreasca lake shores. The One Floreasca Lake compound covers 15,000 sqm and totals 66 apartments, win three blocks on four floors. The first two buildings, totaling 42 apartments, were sold before completion in 2013. The third block of flats, with 24 apartments, will be delivered in the first half of 2015, and 18 out of the 24 apartments are already sold. “This transaction, as well as other market information we have access to make us believe the market regains trust in such projects. It is a positive sign for the market and we believe we will see a number of new residential projects in the coming period,” added Mihai Dumitrescu. The real estate developer is currently working on the 14-apartment residential compound Madrigalului Residence, with a view to the Baneasa lake, which should be done in August 2014. Eight of the 14 apartments are already sold. One United Properties’ portfolio also includes One Herastrau Park, and One Charles de Gaulle, both residential projects in Bucharest. Corina Chirileasa, corina@romania-insider.com