Cordia, part of Futureal Group, invests EUR 100 million in residential projects in North Bucharest

Aurel Dragan 29/03/2019 | 13:22

Cordia Romania has bought four land plots in the North of Bucharest aiming to develop residential projects for the medium and medium-high segments. The investment in the four plots totals EUR 100 million, including the development of the projects.

“The total investment in the development of the four plots, part of our long-term strategy in Romania, amounts to approximately EUR 100 million”, said Mauricio Mesa Gomez, CEO of Cordia Romania and member of Cordia Board of Directors. “These new developments will bring to the local real estate market medium and medium-high apartments, with an accent on perfect balance between location, architecture and the price of the property, just like Parcului20, a project located in Expozitiei area, currently under development. Cordia Romania aims to develop 500 apartments annually in the coming years. Through the purchase of these plots, a cumulative total area of ​​approximately eight ha, we have secured the basis for the development of our future residential projects.”

The EUR 100 million investment announced by Cordia Romania in the development of the recently acquired land plots will add to the EUR 40 million that will be invested, over the course of two to three years, in the Parcului20 project.

In December 2018 Cordia Romania, Futureal Group’s residential development division, received the building permit for the Parcului20 condominium, which is being developed by the company in the Expozitiei area of North Bucharest, on Parcului street. Parcului20 will be developed in two phases and will have a total of 469 apartments. The construction of the first 260 apartments will be finished by September 2020, and the second phase will be delivered 8 to 12 months later.

The 469 apartments in Parcului20 are designed for the medium and medium-high segments of the market and will be available in 30 different layouts, from studios and two-room apartments to five-room duplex apartments.

Parcului20 is among the first smart residential projects in Romania, all of its 469 apartments being equipped with integrated state-of-the-art smart home systems. Over 3,000 square meters of private garden, bicycle parking spaces, yoga garden and outdoor equipment for calisthenics are among the main highlights, as the project is designed for livability and energy efficiency.

Considering the fact that the building permit is issued for both phases of Parcului20, the time schedule on the construction site is designed so that the garden will be planted and ready for use immediately after the completion of the first phase. The second residential building, composed of 209 apartments, will be built without affecting the access to the facilities of the condominium.

Cordia Romania’s primary objective is to become the main regional developer of residential projects and to extend its activity by developing sustainable projects that highlight existing local communities.

Futureal Group is one of the biggest real estate investors in Central-Eastern Europe, with a portfolio of assets totaling EUR 3 billion, that includes commercial RE (offices and retail) and residential RE developments of high impact for the market and the community. Cordia, the Group’s residential investment division, received numerous awards and was recognized as one of the most innovative residential developers in the region, based on their successful development of Corvin Quarter, in Budapest. The project stretches on 22 ha and it entailed the reconstruction of an entire neighborhood, located in the center of the Hungarian Capital. This project has triggered economic growth in the area, redefining the impact that a responsible developer could have over the city. Cordia has over 15 years of expertise in developing quality residential projects, in Hungary and Poland, and it is set on elevating Romania as one of their key markets for future investments.

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