Diamond Development builds EUR 400 million residences and offices

The compound, to be called Upground, will be built on a 47,000-sqm plot and will include two office buildings totaling 150,000 sqm and two 14-floor apartments blocks, according to company representatives quoted by Mediafax. The residential area will also feature 7,000 sqm of retail space. The housing units will cost around EUR 200 million. The apartments will cover from 97 to 215 sqm, and duplexes from 200 to 400 sqm. The price per built sqm will reach EUR 1,600 before VAT. The first office building will be completed in January 2008 and has already been fully leased by Bancpost. The second building will be delivered in October 2008. The project is financed through bank loans. Diamond Development has previously built PGV Tower office building, which is Bancpost's headquarters. The building was first sold to Charlemagne Fund, and more recently it has entered DEGI's ownership.

Corina Saceanu