Cordia Romania, the residential investment division of Futureal Group, has a EUR 50 million investment plan next year on the local market, part of a long-term development roadmap. The company aims to deliver about 500 apartments per year on the Bucharest residential market, designed for the medium and medium-high segments.
“Romania will play a key role in the development of Cordia’s operations at a regional level”, said Mauricio Mesa Gomez, CEO Cordia Romania and Member of the Board Cordia. “We will focus on achieving a delivery rate of 500 apartments per year to the local market, promoting projects that are specifically tailored to accommodate the expectations of the middle class, by providing a perfect balance between location, architecture and price”.
Cordia Romania is part of Futureal Group, which has so far developed projects worth EUR 1.3 billion. The company is investing another EUR 1.4 billion in new projects, amounting to a portfolio of EUR 2.7 billion of developments and assets. Futureal’s projects focus on the office, retail and residential segments.
The PPP in Hungary
Cordia received international recognition following the development of the Corvin Quarter in Budapest, the largest urban regeneration project in Central and Eastern Europe, with an area of over 22 hectares.
Corvin Quarter is the result of a public-private partnership (PPP) between Cordia and the City Hall of Budapest, through which a whole insalubrious neighborhood located in the center of the city was rebuilt and transformed into the newest district of the Hungarian capital, populated with large gardens, promenade, shopping centers, restaurants, cafes, residential buildings and offices. Prior to starting the new development, Cordia built social housing for the people from the disadvantaged groups that lived in the area, who were relocated in new apartments.
Parcului20 is the first residential project that marks the implementation of Cordia’s nee local investment plan, an EUR 40 million investment that will unfold over the course of three years. Parcului20 is located on a 15.000-sqm plot and will feature 469 apartments, available in over 30 different layout versions. The project includes 579 parking spaces, bicycle parking and over 80 storage units.
Parcului20 is to be built in two phases of development. The two buildings have a height of eleven floors and all apartments are equipped with smart-home systems, developed by one of the market leaders, configured as to ensure control, security and energy savings.
Parcului20 features a private community garden, stretching over 3,000 sqm, with trees, perennial plants, relaxation area, yoga garden and exercise area. Outside of the condominium, but less than 100 meters away, there is a green space with playground. A new WorldClass center will be available within a distance of 400 meters.
The first phase of the project consists of 260 units and it will begin by the end of this year, to be delivered in September 2020. The second phase is to be delivered 8 to 12 months after the completion of the first phase.
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.