One United buys plot of land in Bucharest to build city's tallest residential project
Real estate developer One United Properties (BVB: ONE) said it is acquiring a 5-hectare plot of land in the 5th District of Bucharest, where it will develop One Cotroceni Towers – a mixed-use development that will include the tallest residential towers in Bucharest. The gross development value is estimated at EUR 400 mln.
The price paid for the land is EUR 35 mln, out of which EUR 20 mln will be paid in cash and the rest of EUR 15 mln will be paid in kind – with future apartments and commercial spaces developed in One Cotroceni Towers.
One Cotroceni Towers will be an important mixed-use development and a landmark example of urban regeneration that will increase the attractivity of living, working and spending leisure time in Bucharest. It will accommodate 1,296 residential units spread over five towers.
Two towers will have 33 floors, thus becoming the tallest residential development in Bucharest and the region. The other two towers will have 23 floors, while one building will have 16 floors.
After completion, One Cotroceni will host almost 2,200 apartment units, over 40,000 sqm GLA of commercial spaces and small offices, 140,000 sqm GLA of office spaces, as well as 4,200 underground parking lots.
(Photo source: One United Properties)