Real estate developer Marvel Group has sold 70 percent of residential project Monte Carlo Palace, which was completed back in 2008, the company has announced. The project was built on a 5,000-sqm land plot in north Bucharest, close to Herastrau Park, and required an investment of EUR 18 million.
The 14-floored project features apartments with prices between EUR 120,000 and EUR 800,000. The developer has decided to rent the remaining of unsold apartments, with rents ranging from EUR 900 for studios, to EUR 1,500 a month for three-roomed units, according to Edward Popescu, general manager of the project.
The developing company is owned by Romanian-born businessman Christian Popescu, who has been living in Monaco for the last 17 years. He is also the owner of Galerie Vendome Palace, a mixed project which will feature a five-star-plus hotel and a commercial galleria, to be opened in Bucharest in 2012. Galerie Vendome Palace will be located close to Calea Victoriei and works on this project should start in April this year.
Investor Popescu plans to promote Monaco properties in Romania through John Taylor, DTZ and Coldwell Banker, according to the firm.