Greek bank completes residential complex on Bucharest lake shore

Alpha Real Estate (ARES), the Romanian real estate arm of the Greek bank Alpha Bank, inaugurated yesterday the Poseidon Residence residential project in Bucharest. It is located on the shore of the Plumbuita lake in Colentina. The 17-floor complex includes 156 apartments.

ARES acquired the residential project in November 2013 from Copper Beech Capital, a real estate developer that went bankrupt. The acquisition cost reached EUR 11 million. The project went into conservation in 2009 with 75% of the work being done at that time. ARES resumed it and invested another EUR 5 million to complete it, according to the company.

The company has already managed to sell 65 apartments. ARES expects total revenues of EUR 17 million from the project’s sale.  The three-room apartments have a starting price of EUR 115,000 plus VAT.

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(photo source: Poseidon Residence on Facebook)