Romanian Property News

The Colentina area seems to be the latest focus for large real-estate developers in Bucharest. After the - ongoing - success of Planorama, a new project is taking shape nearby – Rose Garden Bucharest. The residential project includes no less than 11 blocks of flats with a total of 900 apartments. To accompany it, the Globe Trade Center Romania, who is the developer behind the project, will also build a 3000 sqm commercial area; provisions also include 1000 parking spaces. Just to give a few more details about the developer – while not a well-known name on the Romanian market, GTC appears to be a strong competitor on the Central and Eastern Europe area, their project stretching from Warsaw to Sofia and from Prague to Kiev.

From project figures to finance figures: according to the developers, the project is aimed at the Romanian middle-class buyers. The whole project is estimated to cost around €80millon, with a likely profit of around €10k for each unit. While the minimum prices are well below under €100k, it is rather unclear to say the least whether the average earner will be able to fork out €64k for a studio flat. Still, from an investment perspective, the prices are more than attractive, going only as high as €110k for the largest 2-bedroom flats. Just to give a few more details about the developer – while not a well-known name on the Romanian market, GTC appears to be a strong competitor on the Central and Eastern Europe area, their project stretching from Warsaw to Sofia and from Prague to Kiev. Coming back to their involvement in Romania, GTC announced that it plans to invest over €350millon in real estate projects, most of them representing blocks of flats.

What is the current status for the Rose Garden? You can keep an eye on the evolution through the project website. The project started back in November 2006. As you can see in the above picture, the building is in the very early stages, but the constructors have got time until spring 2008 to finish it. According to their initial announcements, the developers expected to sell around 300 flats every year; they obviously got it very wrong, but in a positive way, as 102 contracts were signed already in the first few weeks from starting the project.

Source: Gandul

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