Sema Park is about to reshape the heart of Bucharest
One of the reasons why the market in Bucharest remains surprising to say the least is the mixture of old and new you can find throughout the city. Only a few days ago I’ve noticed an advert for an 800sqm plot, positioned centrally, all yours for ‘only’ €2000/sqm (read twice the “per square meter” before rushing to the bank to get your savings ready). On the other hand though, the last shadows of the communist era are still deeply present, with large industrial areas lying half-dead throughout the city. One such area is the Semanatoarea (Harvester, in Romanian) – twenty years ago a blooming industrial area, nowadays maintaining only a few of the factories from back then. The whole area includes plenty of space, warehouses, and, most important, derelict land that is worth far more due to its location nearby the Dambovita river.
The entire Sema Parc (coming from Semanatoarea Park, but with Romanian spelling of the park) was recently acquired by the River Invest developer to put together a large residential-business-commercial mammoth project. According to the available figures, the project will occupy a total area of 659000sqm, out of which office spaces take most of the space – 364000sqm, followed by almost 173000sqm for commercial spaces, and an area of 122000sqm set aside for the residential project. The structure of the project is also appealing – the developer promised to set aside 150000sqm for green spaces.
I’ll go at a fast pace through the commercial area. Still, it’s worth mentioning that the project will include a 100000sqm shopping mall and the 50000sqm hypermarket, as well as a 18-storey 4star hotel. On a side note, I am not sure what the difference is between a super- and a hyper-market, but it looks like Romanians seem to be more and more impressed with the second, hence the developers taking full advantage of this trend.
As for the residential part, the project will include a total of 1200 flats in G+4 and G+5 blocks, likely to be on sale for around €1200/sqm. Not a 100% bargain, but with the amount of promised greenery around, the Semanatoarea underground tube station virtually embedded in the project, and the distance to the city centre, it is likely to be appealing to say the least.
The project started late last year, and even the developers admit that it won’t be completely finalised before 2015. Still, priority will be given to the residential subset and, by 2010, all the blocks of flats will be ready for occupancy. Meanwhile, you can see below a bigger model of what the whole project will look like when it’s finished (picture was taken during the press conference that officially launched the project)
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Posted: February 25th, 2007 under Apartments, Property Development.
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