Iris Residence – a “central but quiet” project in Bucharest
Hidden behind the blocks of flats built in the communist era, the area marked by two of the busiest streets in Bucharest, Decebal-Unirii and Calea Calarasilor-Matei Basarab, seems to be forgotten by time, having still a bit of greenery here-and-there, old villas and narrow streets. The apparent away-from-the-crowd feeling, in spite of the area being next to the Bucharest city centre, makes this neighbourhood a sought-after location.
It is this isolated area where Globus Enterprises is currently developing Iris Residence, under the slogan “central but quiet”. Iris Residence is, surprisingly, only a 5-story+penthouse building with two underground levels for storage and parking. Due to its location, the price tag is, however, unsurprisingly high. The studio flats, reasonably sized at 47sqm, are the cheapest units, starting around €75k. Skipping the 1-bedroom and 2-bedroom apartments, which will cost you around €100-130k, the block also includes a few 3-bedroom flats, stretching over 120sqm for asking prices towards €200k. Averaging, space in the Iris Residence apartments is likely to start from €1500/sqm. Further, should you want a parking space on the basement levels, you will have to pay nearly €15k on top of the price of the flat.
Unlike similar ongoing development projects, Iris Residence includes very few extras in terms of external facilities. The reason behind this is the location – you can find plenty of restaurants, kindergartens (apparently two of them are just across the road), shops, and commercial areas.
As you can tell by the above description, the project is not the typical “all-inclusive” you have seen in previous examples. If above you might have seen some of the negative points, it might be worth also paying a visit to the project website, to see an overview of its advantages. Do have a calculator prepared though, as the prices listed do not include VAT (in case you’re wondering, I’ve done the maths for you above; all the prices in this article include VAT).
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Posted: March 25th, 2007 under Apartments, Property Development.
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