The first 70 apartments will be handed over to their owners in October this year, with other 84 apartments set for delivery in January next year.
Overall, the project will be finalized by the end of 2009.
The apartments will cover from 43 sqm to 160 sqm, and selling prices start from EUR 1,000 per sqm, according to Ovidiu Negurici, executive manager of Green Park.
The compound is set to feature a commercial center and two 300-room hostels, to be rented out to students.
The complex will be built on a 50,000 sqm plot, near which the developers have also bought additional 17,000 sqm of land.
This second plot will host other nine blocks which will deliver 300 apartments. The developers have already sold 430 apartments of the planned 1,100.
Future Group developed over EUR 1.2 billion of real estate projects, mainly in Spain and in Romania, the company partnered with various other developers for projects like Sitraco Center, Sitraco Twins, Golden Tulip Hotel and Sinaia Hotel.
AlfaRom is an Israeli developer with more than EUR 285 million of projects on the pipeline for Romania for the next four years. The company hopes to deliver 5,500 apartments on the local market.