Real estate developer Caba Group announced on Friday that it would invest more than EUR 100 million in the development of the second phase of 102 The Address, a high-end mixed-use project featuring residential, office and retail areas.
Caba Group acquired a 20,000 sqm land plot right next to the existing first phase of 102 The Address in the Aviatiei-Floreasca-Barbu Vacarescu area, counting on the area’s potential for long-term development. The planned project will be one of the largest of its kind in Romania, and will include a residential component, office spaces and retail areas.
The goal is to take advantage of the substantial interest companies are showing for offices in the area, as well as to give the project complementary commercial functions, according to the company. The residential part remains dominant, as there is growing demand for housing in the area.
Currently, the first phase of the project is still in development and the apartments will be ready at the beginning of 2020. In order to provide a 1:1 rendition of the structure and atmosphere of an apartment in 102 The Address, the developer invested EUR 500,000 in a unique showroom.
102 The Address is managed by Premier Estate Management and 150 apartments have already been reserved in less than a year since the project was launched. It also got the “Best residential project in Romania 2018-2019” award at the International Property Awards Gala in London, as well as the “Most attractive showroom in Romania” award at the Imobiliare.ro Gala.
Caba Group says it will continue to seek investment opportunities on the Romanian real estate market and expects to add more major acquisitions to its portfolio, in strategic areas of the capital city.