The developer, a Chinese distribution company, has started the construction of its first residential development Ideea Residence, which comprises 10 buildings. It will deliver 108 apartments set for completion in December, according to Cityland, the real estate agency promoting the project.
The company will build a similar project in the Fundeni area, called Ideea Residence Fundeni, delivering 1,000 apartments. Both of the projects are part of the Ideea Residence brand, which the firm will use in Romania. “The investor holding plots of several tens of hectares in east Bucharest also plans to develop a villa complex located in the same area,” said Sebastian Leacsu, managing partner of Cityland agency. East Bucharest will see several residential developments partially or entirely completed in 2008, such as Vivenda Residencias built by Spanish developer Hercesa Imobiliaria, Titan-based projects Citadella developed by BRC Business Group company, Gold residence developed by Itzahar Invest company, Neopeninsula from Neocity Group, controlled by Israeli investors, Evocasa Swiss Cottage project developed by Adama and Noor project developed by Romanian company ACM4. The area will also get commercial developments like the EUR 591 million investment for Park Lake Plaza, a shopping center resulting from the partnership of Portuguese commercial center developer Sonae Sierra and Warsaw retail developer Caelum Development.