A second project in Pipera will feature another 1,000 apartments, and some 28,000 sqm of offices and retail space. The company bought last year the 4-hectare plot for the project, for which it paid EUR 18.5 million. This second project is expected to bring between EUR 185 and 210 million in total revenues.
The value of Ablon's properties in Romania was EUR 82 million at the end of last year. Ablon, which has 4,000 apartments and 41,000 sqm of office and retail space in Romania in the pipeline, increased the value of its properties by 46 percent regionally, to EUR 617 million last year, the company has announced.
It currently owns four sites in Bucharest. Apart from the two sites in Pipera, the company owns one in Mogosoaia and one in Western Bucharest, in the Militari area, where it plans to build 2,100 apartments as part of the Sunset Residences project. The plot in Mogosoaia, some 93,800 sqm of land, located seven kilometres northwest of Bucharest city centre, should host 116 villas. The development is expected to be completed in 2009 with an aggregate expected gross saleable area of 40,000 sqm.