Gespi Investments sells half of Seasons Residence project

Apartments have been up for sale since March of this year, the real estate agent said. Contracts have been signed mostly for two-room apartments on the upper level of the eight buildings within the complex, according to Colliers. Some 30 percent of the buyers were from Brasov, while the rest were investors from Bucharest, other cities in the country and foreigners with professional backgrounds related to law, architecture, management and business.
“Buyers took the apartments either for a permanent home or for holidays and there is always the possibility of acquiring an apartment as an investment opportunity. The demand for mountain area-based residences comes mostly from tourists, expats working in Brasov and businesspeople who temporarily live in the city,” said Andreea Preda, project coordinator at Colliers' residential division.
Seasons Residence is being developed in three stages with 129 apartments from the first two stages set for sale. The project started construction works in March and three foundations have been completed, while the delivery time of the first two construction stages is set for April 2010, according to the developer. The project, located 10 km from Poiana Brasov and 3 km from the city of Brasov, will deliver 236 underground parking spaces and a building to host a health club and covered pool in addition to the offices of the complex's administrator, according to Colliers. Studios of 50 to 57 sqm are available at EUR 99,000 to 111,000, two-room apartments at EUR 107,000 to 205,000 and three-room flats at EUR 204,000 to EUR 262,000, less VAT.
Magda Purice