One United Properties (BVB: ONE), the Bucharest Exchange-listed developer of residential, mixed-use, and office real estate in Romania, announced the signing of a preliminary sale and purchase agreement for a 34,800 sqm plot of land in “the most desirable residential area of Constanța, on the Black Sea coast.”  The land is located in the northern part of the city, right next to the entrance to Mamaia resort. 

The gross development value is estimated at approximately EUR 500 million. 

The land already has a building permit, so work will begin in about a year, and completion is estimated in about three years from the start of construction, the company said.

The building permit already issued for this land allows for the construction of seven tower blocks, six of which will be residential and one a 5-star hotel and other facilities: a commercial and leisure area, a school and kindergarten, a restaurant area, a gym/spa, a promenade, as well as the necessary parking spaces for the complex. 

“The signing of this preliminary agreement for the purchase of land in a highly attractive area of the city supports our strategic focus on expanding our presence beyond Bucharest,” commented Victor Căpitanu, co-founder and co-CEO of One United Properties.

He noted Constanța’s significant long-term urban development potential underpinned by its international port and tourism-oriented economy.

iulian@romania-insider.com

(Photo source: the company)