Central Apartments is the Norwegian developer's third such project in Constanta, after two other projects, Oasis Residence and Corallia Residence, with the three requiring an estimated investment of EUR 50 million in 2008. Last year, the developer announced sale prices starting from EUR 60,000, not including VAT, for a flat within the Central Apartments project.
The Norwegian company planned to assign a budget of EUR 1.5 billion to developing 20 residential projects in Constanta and Bucharest by 2014.
Dan Adamescu's interest in hotels was also evident last year, when the businessman acquired a 14
percent share package in the Intercontinental hotel in Bucharest, having paid EUR 3 million for the stake, a deal performed through Nova Trade, a company from its portfolio.
In 2006, Adamescu also purchased the five-star hotel Rex in the seaside resort of Mamaia, by paying EUR 10 million to the hotel's owners, the Paunescu family.