Morad Group invests EUR 12 mln in two new Onix Residence blocks

Newsroom 02/06/2015 | 13:37

Morad Group, one of the largest real estate developers in Romania, began the construction of two new blocks as part of Onix Residence, the investment being estimated at EUR 12 million.

Onix Residence is located near Grozavesti and Eroilor subway stations and will deliver at completion 425 apartments with one, two and three rooms, the total investment in the project amounting to about EUR 25 million.

“We decided to start now the construction of the last two residential buildings within Onix Residence due to good sales with the first two buildings. The first is fully sold and the second, to be delivered later this year, is 90 percent pre-contracted. The residential market in Romania is going through a positive stage and we have a project well suited to the segment of buyers to whom it is addressed,” stated in a press release Akram Aoun, vice president Morad Group, the developer of Onix Residence.

Onix Residence selling prices start from EUR 67,000 + 5 percent VAT for a two-room apartment, with a built area of 70 square meters, and from EUR 88,800 + VAT for a three-room apartment, with a built area of 90 square meters.

Additionally to the good sales recorded in the first two stages of the project, approximately 30 percent of the housing in the third residential building, due in June 2016, have already been pre-contracted, the advances paid by buyers ranging between 10 percent and 45 percent.