Europartner Residence has sold a land plot in Bucharest’s Obor area to a Romanian entrepreneurial group for EUR 2 million. The buyer will develop a residential project with a built area of 8,000 sqm.
The transaction was intermediated by Crosspoint Real Estate, a service delivery partner of Savills in Romania.
The construction of the project with 100 apartments is scheduled to begin in the near future.
”The area is dominated by buildings built before 1990, with a limited number of new projects and land available for sale. The land has been on the market for a long time, but since Crosspoint took over the sales mandate, we have managed to efficiently organize the process and execute the transaction in a very short time. The mandate was a challenge from the pricing point of view, even though it was somewhat justified by the existence of very good urban planning indicators and a construction permit,” said Catalin Gavrila, associate director Land Development Crosspoint.
The project benefits from immediate proximity to the subway, park, mall, farmers market and a central location close to many important roads, but at the same time it is secluded, being located on a street with a strong residential character.
Crosspoint has been involved in recent years in more than 15 large land transactions, totaling 250,000 square meters.