Tagor to start work on three new residential projects over next month

Newsroom 11/04/2013 | 14:29

Real estate developer Tagor will open this May the first two apartment blocks in the Adora Urban Village residential project near Bucharest and plans to start works at three new such projects – a second one in Bucharest in the Pipera neighborhood, one in Arad and one in Timisoara. The projects will contain between 600 and 1,200 apartments each and are all based on the concept of an “urban village”, featuring low-rise apartment blocks, parks, plus commercial and entertainment facilities.

Some EUR 6.1 million has been invested in the two blocks so far, and 75 apartments will be completed this May. The total investment will rise to EUR 34 million for 12 buildings with 500 apartments. Ofer Lieberson, the owner of Tagor, hopes to sell most of the 75 apartments this year and says the second phase of construction will start after 40-50 percent of the properties are sold. The developer is mainly targeting buyers interested in acquiring an apartment through the Prima Casa government loan scheme, but says that even if the program is dropped, the homes will remain competitive in the present market conditions.

Half of the investment in the Adora Urban Village came from businessman Lieberson and his partner, real estate fund Patron Capital. The rest took the form of a loan from Carpatica Bank. Lieberson says he also secured financing for the Arad project from Volksbank.

Adora Urban Village is located in Bragadiru near Bucharest. Apartments cost between EUR 40,000 for a studio and EUR 75,000 for a two-bedroom flat. Surfaces range between 40 and 75 sqm.