Orhideea Gardens - blocks of flats development in the center of Bucharest
Few minutes away from Carrefour, Bucharest North Train Station (main one of the capital), Cotroceni Palace (the residency of the Romanian president) and Botanical Garden, Orhideea Gardens is placed right at the heart of Bucharest, slightly closer to its greener side rather than the melting asphalt. The development complex, currently under construction, will include when finished 5 blocks of flats including a total of 400 apartments.
Each module will have a mixture of Orhideea Gardens one-bedroom flats (with a surface 85.13sqm and 7.2sqm terrace), two bedroom flats (including 126.454sqm built space and 13.53sqm terrace), some “special apartments” due to their large terraces (101.48sqm and 23.66sqm terrace) and penthouse (203.39sqm and 78.82sqm terrace).
The construction started back in May 2006, is planned to finish in May 2007, just like several other projects currently under development in Bucharest, and will be followed by a short period for customised final details, fittings, and interiors. As most of similar projects, the complex will have a range of facilities beyond the living space, including gym, swimming pool, underground parking, office spaces, kids playground, storing space, and even a car washing service.
Unsurprisingly, as soon as the development appeared on the market, the one bedroom flats were sold out. If interested, you can still buy though one of the remaining two bedroom flats at €176,600, special flats at the price of €209,400 or you can get a penthouse overseeing the Bucharest panorama for the rather spicy sum of €543,300.
As you can tell from the above figures, this development seems to be extremely pricy. This may be due to the fact that, yet again, this type of complex targets upper class investors or families, able to afford high mortgages, at least by Romanian standards (although, at more than £300k, the penthouse is rather expensive even by UK standards).
Without getting too deep into the politics of the matter, most developers who invest in Romania seem to overestimate (or blatantly ignore) the average salary for the middle class, eliminating them from the potential buyers. This is why, both in this particular case as well as generically, smaller one-bedroom flats, bearing a lower price tag, remain the most attractive properties and are the ones to be purchased first.
Last posts in Apartments
Posted: January 28th, 2007 under Apartments, Property Development, Reviews.
Comments: none
Write a comment