Carol Park Residence - 100% luxury, from location to prices
Carol Park (or Parcul Carol, in Romanian) is a miracle in the residential of Bucharest – a quiet spot less than a mile from the noisy Unirii Square (Piata Unirii). Surrounded by old housing, typically 1900-1930s villas, as well as a very busy (some of it still covered with cobblestone, but not for long) street (Marasesti Blvd.), the area has unsurprisingly expensive land prices, justified by its very central location and…the park.
Due to the prices in the area, very few developers afforded to set their projects here. The UK-based Bellerive developer in collaboration with the Lithuanian company Hanner are one of these few developers, and their project is called Carol Park Residence. Bellerive, with the headquarters in the Isle of Man, is not new on the Romanian market, with a mixed portfolio of media companies and property development. Although a relatively young company (established in 1995), Hanner is a strong east-European developer, with a current portfolio spreading over Lithuania, Latvia, Ukraine, and Romania. In conjunction with the developers, the development is currently built by the ARCOM construction and financed by the HVB Bank.
Carol Park Residence is a group of four 5-story blocks of flats, including a total of 144 1-, 2-, and 3-bedroom apartments. The project is all about luxury; starting from the location, then continuing with the size of the flats. At the moment only two blocks are on the market; the smallest units are two one-bedroom flats (already sold, both of them) both measuring a whooping 82sqm and costing over €190k (once you added the VAT); add then a parking space for almost €24k and you’ve got a piece of this luxury for a ‘mere’ total of nearly €220k. At the other extreme (if you thought the price before was too small), you can get a 170sqm 3-bedroom apartment (with a rather small 5sqm terrace) for nearly €350k (plus the €24k for the parking space, again).
Construction on the Carol Park Residence blocks started last year in September and is due to finish in April 2008. Should you find the (financial) availability and interest, you can pay 15% when signing the contract and then the rest 85% when the project finishes.
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Posted: May 26th, 2007 under Apartments, Property Development.
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