Romanian Property News

Pantelimon remains one of the areas in Bucharest that has a bit of everything when it comes to real estate. There is a bit of old housing, somehow missed by the bulldozers in the communist era, several super-/hyper-/mega-/etc. markets in what used to be the outskirts of Bucharest 10-15 years ago, and quite a few blocks of flats dating from the communist era. And, on top of these, there is still some bare land nearby the Pantelimon lake that can be used for further housing. It is here, in Pantelimon, where a consortium of three developers acquired a reasonably large plot of land for their latest project: Atlantis Residences. The consortium, formed by a Turkish based construction firm, Pelican Com, a Romanian constructor, Da Vinci Constructii, and a real estate promoter, Casa del Sol, will invest somewhere in the region of €20million for the Atlantis Residences project.

So, what is Atlantis Residences? It’s a development located on a 6400sqm consisting of four blocks of flats, each of them 11-story high. The residential complex will include a total of 134 2-bedroom apartments and will have all the luxury amenities that were attached to such projects throughout the recent years: fitness centre with sauna, playground (and even a bar), maintenance services, underground parking, and closed circuit security.

How much will/do the Atlantis Residence flats cost? That is a trickier question. Going through the Atlantis project website www.atlantisresidences.ro , you will find a clear figure for the per-sqm price: €1487/sqm (that’s what you get when you add the ‘missing’ 19% Romanian VAT to the €1250 figure on the site). However, apart from a rather confusing diagram with various arrows and prices on it, there is nothing to indicate how large the apartments actually are. Eventually, found an article that also mentions this detail: the flats will be between 105-122 sqm. Doing the maths, they will cost somewhere around €155k-€180k. And this is where we move towards the slight disadvantages of the project.

When will Atlantis Residences be ready? According to the website, the project will finish in February 2009. You can have a look at some pictures from the (construction) site on the project (web) site ; as you can tell, work is in the early stages and best images at the moment remain the computer generated ones.

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