Overall, the projects to be developed consist of 16,000 apartments. Copper Beech has already spent EUR 62.5 million on land, having secured 600 hectares. The company plans to spend EUR 100 million more on land.
Copper Beech Group's first project, called Blue Tower and worth EUR 30 million, features a 16-level block with 156 apartments in the Colentina area and a club facility development near the Plumbuita Lake. “This is the smallest project our group is developing in the Bucharest area from the 17 projects, while the biggest project we're planning will require around EUR 450 million worth of investment and will consist of a mix of villas and blocks, with its own infrastructure and commercial, leisure and social service spaces,” said Diwaker Singh, managing director of Copper Beech.
The Blue Tower project, developed on 5,500 sqm of land, is set to be finished in H1 of 2009 and consists of a range of studio apartments to penthouse spreads on average areas of 45 to 200 sqm, sold for EUR 1,400 to 1,580 per sqm. “We have sold 70 percent of the project's total apartments, meaning 110 apartments of all types. The buyers are a mix of individuals, funds and companies,” said Ionut Bordei, head of residential sales at Eurisko. The project has been financed with EUR 14 million by Alpha Bank, with, the rest of the investment coming from the group's own resources, according to the company.
The group started investing in real estate in Romania, but plans to expand to other Eastern European markets as well, according to Singh.
Copper Beech Group owns 11 companies operating finance, trade and different construction developments and plans to expand to 17 companies, according to the group.
Its shareholders are British investors controlling the company together with Diwaker Singh, the managing director of the group. Singh is a former president and executive director of Telemobil, the operator of Zapp Mobile.