River Tower adds Cluj to the real estate projects map
Ok, River Tower is clearly not the first residential project in Cluj from the new wave of real estate developments, but it managed already to attract substantial interest from the Romanian media.
Why the interest? One of the most important reasons was likely to be the price. Cluj is one of the main cities in Romania, representing, together with Sibiu, the main economical hub of Transylvania. Still, the real estate prices in Cluj are far lower than the ones witnessed by Bucharest. As a result, at least according to the media, the cheapest studio flats will be up for sale for €36000. Why so cheap? Apart from the above-mentioned lower prices, the developers of River Tower also reduced the surface of units, so that the studio flats start from only 28sqm. Should you definitely want to spend a bit more cash, you can either go for larger studios (up to 51sqm), two-bedroom flats, available for €90k, or, why not, the penthouse apartments up for sale at €200k. The prices might also be influenced by the view from each flat, as River Tower is positioned next to the Somes River.
What is the current status of River Tower? The construction of the 8-story block started two months ago and the (only!) 82 apartments will be ready for the Cluj residents in July 2008. The €7 millions investment is clearly in the early stages (as shown by images on the River Tower website), so the computer generated images will have to make do for now. However, the project is already on the market through the Cluj-based Grup de Lux estate agent.
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Posted: May 26th, 2007 under Apartments, Property Development.
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