Tagor starts first phase of new residential project in Romania

Real estate developer Tagor has started the construction of a residential project in Timisoara, western Romania, according to the company. The first phase of the Urban Village project in Timisoara will include 107 apartments and facilities, the investment being estimated at EUR 7.3 million. “This is the third residential project Tagor develops in Romania, under an investment plan worth EUR 100 million,” reads the company’s statement. The residential project will be developed on an area of 61,000 sqm, where the company plans to build 12 buildings with a total of 1,200 apartments and a 6,300 sqm park. In Bucharest, Tagor completed the first phase of the Adora Urban Village residential project, which includes 75 apartments, and plans to start the second phase in 2014. The project will include a total of 12 buildings with 548 apartments, the total investment amounting to EUR 34.4 million. The Adora Urban Village project in Bucharest is the first of a series of projects which will bring investments of some EUR 250 million in Romania upon completion, according to the developer. Tagor plans to build projects in Timisoara, Oradea and Arad, as well as in other areas of Bucharest, in the future. Irina Popescu, irina.popescu@romania-insider.com