Pallady Residence brings up 134 flats in East Bucharest
Affordable flats are incredibly hard to find on the overall Bucharest real estate market. With the price of land skyrocketing, it is impossible to keep the unit price under 1500€/sqm, once you add in the VAT. However, after careful choice of the location and moving a bit further from the packed, crowded city centre, there are developers that still manage to offer slightly more affordable projects.
Pallady Residence is one of these projects, currently taking shape nearby Pallady Boulevard. The area is a bit of a mixture, with large plots that used to belong to industrial companies from the communist era, nowadays shifting rapidly towards the residential sector. Due to this mixture, the land prices in the area are likely to be slightly under the average, but the market is opened only to larger developers, ready to invest in large plots. Gigant Construct (with such a name – sorry for the second g, but that’s the spelling in Romanian – you have to go big…) is the developer behind Pallady Residence, consisting of a group of three blocks of flats. Courageously, the developer went only for four, five, and six story high blocks which means that the future residents will benefit from less overall crowding and, which is probably the main reason, the group will integrate well with other four-story high blocks in the area.
To keep things brief, after chatting to a friend that just bought a studio flat in one of the blocks, one of the good thing about the development is that at least the information is provided upfront – 81500€ for a 60sqm studio flat (apparently the biggest hassle is actually getting the documentation ready for the loan, but…we’ve all been there). If you have a look at the website, the prices are displayed in Romanian Lei (quite unusual, knowing how twitchy the developers are when it comes to the Euro/Lei exchange rate), you get both the price of flats with and without VAT (again an information you’d struggle to find on other sites), and plenty of images from the construction site . Also, to add to the positives list, the surrounding area, although it currently looks like a large construction site (and I don’t mean just the footprint of the blocks, but the whole neighbourhood), it is likely to shape up quite nicely in one or two years time, as it provides rapid access both to the city centre and the seaside motorway exit.
The development is due to be ready in 2008 and, as you can see from the pace in the photos (one of them nicely portrays a mobile toilet right in the centre of the image :) ), Gigant are likely to stick to their word. In case you have a look at the website, this link should take you to a (more) English version (or, if you prefer to try it yourself, replace “lang=ro” at the end of the address with “lang=en”).
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Posted: October 29th, 2007 under Apartments, Property Development.
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