The Latin Quarter meets West end Bucharest
Cartierul Latin (Latin Quarter) is one of the latest residential projects in the West of Bucharest (the second residential area after Bucharest North) in Ghencea extension. To begin with the neighbourhood, in case you’ve heard of the name before and you wonder where, this area of Bucharest is associated with the Steaua Football Club (whose home ground, Ghencea Stadium, is nearby), one of the first stadiums in Romania. Ghencea was mentioned recently in many real estate reviews and analysis as one of the fastest growing regions in the real estate market. Land prices in Ghencea increased from $3-8/sqm back in 2001-2002 to €80-150/sqm in 2004-2005, according to a news article.
SC Mixt Globus Ind. Prod. SRL, which is the company behind the Latin Quarter project, is not the first developer investing in this area of Bucharest. Not long ago, the Romanian subsidiary of Hercesa Imobiliaria, announced the development of a residential complex called Vivenda Residencias in Ghencea area with 1,500 apartments spread over 13hectars of land.
Looking at the project itself, the Latin Quarter won’t be exactly a replica of the one in Paris, but, judging by the look and feel of the computer generated images, won’t be a concrete-only landscape either. Cartierul Latin spreads over a 160,000sqm plot and will be built in two stages. The first stage will include a number of 980 apartments with a total surface area of 95,000sqm. During this stage the developer will also build and release to the market 25,000sqm of commercial spaces, children playgrounds, as well as 20,000sqm of underground parking. The second stage of the project will include 1,700 flats with a total built area of 200,000sqm. Similar to the first part of the project, the complex will include additional parking, commercial spaces, playgrounds for children and even a hospital. Without getting into semantics, there is no distinction in Romania between the mundane ‘flat’ and the posh ‘apartment’; further, the Romanian translation for flat/apartment is ‘apartament’.
One, two and three bedroom flats will be available for sale at different floor levels with different finishes and obviously different prices. Depending on the required finish the price will vary from 3,500RON/sqm to 4,500RON/sqm. To give you an idea, the minimum finish (for 3,500RON/sqm) will include double glazing, the electrical system, all doors (metallic and wood), but it doesn’t include the heating system, any floor or wall tiles or wood floors. For the top finish, all above are included, in addition the owner can choose the colours and models.
Why Romanian Lei (RONs) instead of euros or pounds? Because of the latest financial market trends! As currently there is a strong depreciation of the Euro currency against the Romanian currency, the developers quickly changed the strategy and decided to price everything in Lei. Still, if you prefer Euro prices, the price per square meter will vary between €1010 and €1250/sqm.
The surface area of the studio flats offered varies between 63 and 88sqm, the two bedroom apartments have an area of approximately 114sqm and the surface area of three bedroom apartments vary again between 152 and 180sqm.
Latin Quarter / Cartierul Latin is quite flexible in terms of contracts; the developer accepts one of the following payment arrangements:
In terms of delivery date, the first phase of the Cartierul Latin project will be ready for the occupants to move at the beginning of October 2007.
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Posted: June 26th, 2007 under Apartments, Property Development.
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