Conarg Real Estate builds second Quadra with EUR 75 mln

Newsroom 30/09/2008 | 16:14

“The complex will deliver 850 apartments of one to four rooms, with the total sales value being estimated at EUR 90 million,” according to Romeo Cazanescu, general manager of Conarg.
According to the project design, Quadra 2 will be built on almost 21,000 sqm and the apartments will be distributed in four buildings of 10 to 12 levels. The project includes 1,082 parking spaces of which 779 will be underground.
Quadra 2 is the company's third residential project built after Quadra Place and Rasarit de Soare. “Quadra Place was sold out in 2007, while Rasarit de Soare has signed 60 percent sales contracts and the company has so far built the first five floors of the project buildings,” said Cazanescu. Turning to the local real estate market situation, Cazanescu said that none of the developers which had budgeted the right investment price would be able to reduce the sales price. “This will only be the case on the old apartment sales market,” said the GM.
In 2007, Conarg generated EUR 67.5 million and a net profit of EUR 10.6 million from all the companies that come under its umbrella.
The developer estimates a total of EUR 150 million will be invested in real estate projects over the next three years.
Magda Purice

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