The first project, comprising 48 apartments on five floors, will start in March. The compound will be located on Soseaua Nordului over a 2,500-sqm plot. The project will require EUR 14 million in funds and should be ready by autumn next year.
The second project, an investment of EUR 21 million, will start in August. The residential compound to be located close to the Bucharest Zoo in the north of the city will feature 200 apartments in six four-floor blocks of flats. The buildings will reach a total of 24,000 built sqm.
Approximately 2,000 sqm of the area will comprise a commercial and services area.
The company will price apartments in both projects between EUR 2,400 and EUR 3,000 per sqm. The projects are destined to address the needs of the high-end segment with monthly incomes of EUR 3,000 or more, according to Mateescu. “We have decided to invest in Romania as there is high demand for luxury projects,” he said.
Raptis Kavouras, set up in 1978, has developed over 1,000 apartments in Greece. The company's branch in Romania was opened in 2005.