Residenz Chitila brings the Germans near Bucharest
A few years ago, Chitila used to be known for its large commercial customs facilities. From that perspective, all that Chitila represented for Bucharest was a buffer warehouse, with sizeable commercial (transit) traffic and associated customs operations. Some of that is still there today, but is quickly phasing out; after all, Chitila is positioned north of Bucharest and with easy access to all the new business buildings undergoing development at the moment in the area.
One of the recently-started development projects in Chitila is Residenz. The project is reasonably-located in terms of access, only a few minutes from the ringroad. The German District, as branded by its owners, is developed by Tiriac Imobiliare and the German company LBBW Immobilien GmbH. To begin with the developers, Ion Tiriac (for the…more knowledgeable audience, yes, it is the tennis player from the 70s), the owner of the Tiriac group of companies, is the first Romanian to have ever made it into the Forbes billionaires rankings, so the project is likely to have substantial financial backing. We cannot tell you much about LBBW, but they seem to be well established, having over 70 years of experience onboard.
Back to Residenz, the project spreads wide, including a total of 48 buildings, either 3-,4-,5-story high built over a an area of just over 68000sqm. The area includes all the necessary facilities, making it almost self-containable: 169×2 parking spaces (for residents and visitors), 2 controlled entries, a kindergarden, a market, a playground, a commercial area, and even an artificial lake.
The Residenz apartments appear to be rather generous in size, starting from the 1-bedroom flats which cover 66sqm, through the 2- and 3-bedroom flats measuring 100-150sqm, and ending with the largest 4-bedroom apartments which occupy almost 200sqm. You can find plenty of information from the website dedicated to the project (www.residenz.ro), including a SimCity-like virtual tour (http://www.residenz.ro/tur) but one detail that is missing from all the pages is the price of the units. The only mention is that prices will range from around €75k for the small 1-bedroom apartments and will go up to €240k for the largest 4-bedroom apartments. According to the website, the flats can be purchased in two stages – 25% payment when signing the contract followed by the rest 75% on delivery.
Technically, the distance from Chitila to Bucharest is far lower than the distance from Pipera to Bucharest or Otopeni to Bucharest; in addition, the access route to Bucharest (via Chitila Road) is also less congested than the famous DN1 Bucharest-Ploiesti. As pointed out by the developers, in “normal” traffic conditions (read “typical congestion bringing the traffic to a halt”) driving from Chitila to the Piata Victoriei (Victory Square) is likely to take less than driving from Dristor (which is only a few miles away from Piata Victoriei).
The developers will not rush Residenz just for the sake of quick delivery. The units will therefore be ready in four stages, the whole project is scheduled to finalise in the spring of 2009.
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Posted: March 23rd, 2007 under Apartments, Property Development.
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