Metropolis Residence will help its owners to gain their life back
Metropolis Residence is one of the latest developments to take shape up Piata Chibrit (Matchstick Square, should you want an accurate translation). Piata Chibrit is a good example of an area that, although nearby high-profile locations such as Piata Victoriei (Victoriei Square) and Arcul de Triumf (Triumph Arch…although you’re definitely going to raise some eyebrows if you mention the English translation), was severely sidelined due to its industrial area neighbourhood. These days are however disappearing with virtually all industrial areas being pushed out of the city.
One of the interesting aspects of the Metropolis Residence project is its marketing idea. Due to its central position, the developers pledge to give back to future residents of Metropolis thousands of minutes that, unsurprisingly, the Bucharest workforce wastes when commuting to and from work. Although commuting times should not be a critical factor when chosing your home, average durations beyond one hour for reaching the Bucharest city centre from the outskirts of the capital are the norm rather than the exception these days. These minutes gained from reducing the commuting time are then topped up with the traditional by now shopping centre, sauna, fitness centre, playground, security, … that such projects provide.
Metropolis Residence is a rather large development, including three buildings (one G+18 and two G+13 stories). The website will provide you with plenty of computer generated graphics of the interiors and exteriors of the three buildings and the encompassing apartments, but tell you nothing about the prices. Price information surfaced only in some news articles (such as the one in BankNews and BizCity) which mention prices starting at €1080/sqm+VAT. The 273 flats available in the three buildings of Metropolis are quite generous in size, from studio flats of around 50sqm to three-bedroom flats stretching over 146sqm. Combining the values, adding the VAT annoyance and putting on top the €10k (+VAT :) ) for the parking space, it looks like selling prices for the Metropolis Residence apartments will range between €100k for studio flats and €200k for the three-bedroom flats. This basic calculation generously assumes that the €1080/sqm figure is the average rather than the minimum.
Prices might sound high for Metropolis Residence, but you are getting rather close to the heart of Bucharest. Based on recent planning decisions, the area will also benefit from a tube station (the Bucharest tube infrastructure, although heavily used, is far smaller and less connected than the ones in the Western Europe capitals) and plenty of potential in the area for other similar projects to happen in the near future.
When is Metropolis Residence going to be ready? According to its developer, Star Proiect Development, the project, which started in April 2007, will be finalised in the third quarter of 2008 and will cost a total of €45 millions. The apartments are all marketed by CB Richard Ellis.
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Posted: May 13th, 2007 under Apartments, Property Development.
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