Forty Management & Investments real estate developer, led by entrepreneur Lucian Azoitei, bought at the beginning of the year a plot of 2,200 square meters on 134-136 Viitorului street, in a transaction valued at about EUR 2.1 million, where it will build a new residential project.
Forty Management is the promoter of the latest residential development concept in Romania, affordable luxury. Forty is developing residential projects under the Central District brand and is now working on the Central District 4 Elements project, a development with 192 apartments and 1,500 square meters of commercial area, worth EUR 22 million. The company has completed 90 apartments and has 244 apartments under construction, including exclusive developments such as Central District Polona 25 and Central District Cuza 99.
The land bought by Forty is one of the largest in the central ring of Bucharest, in a developing area. In the area, the project C-entral Apartaments, of the developer 1 Development, several small projects are being developed and the purchase of land by the businessman Dan Sucu, in the Circus Park area, has been announced. As a result of the authorization process, it is expected that about 33 apartments and 1,000 sqm of offices will result, whose market value, at the end of the construction is estimated at about EUR 9.5 million, according to the information provided by the developer representatives.
“Central District Viitorului 134 means a boutique project, with 33 generous apartments, divided into 2 buildings, which means a small community, united by the same desire to share our values related to the high quality of life, attention to detail and design. Central District Viitorului is meant to be the first residential project in Romania that interweaves real estate development with unique manifestations of urban art, which will carry the signatures of consecrated artists, of street art. The fence of the building, the access hall, the halls of the floors, all will be ennobled by the creations of the artists specially co-opted for this project, and the most impressive creation will be a blue giraffe, built and mounted on the spot, which “feeds” on the leaves of the pergolas, on two floors. Following the tradition of national premieres from previous projects – where in Central District Cuza 99 we created a green building of our own, with magnificent trees and gardeners on the facade, and in Central District 4 Elements we will implement for the first time in a residential real estate project a runway on the building and a relaxation area with outdoor cinema – and in the Central District of the Future 134 we will offer the first residential project with direct access to a tennis, basketball and football field, at night, exclusively for the residents. The project was extremely well received by the market. In this phase, of off plan sales, we sold 35 percent of the apartments and rented the entire office area. In an optimistic scenario, at the end of this year we will start to build”, said Lucian Azoitei, CEO of Forty Management.
This spring, Forty Management began construction of Central District 4 Elements, the first residential project with a runway on the block, in Romania. Azoitei says that in the first five months of sales of this project he pre-contracted 75 percent of the apartments and rented 50 percent of the commercial area. The manager’s plan is to end the year with the acquisition of two more lands in the northern area of the city.
“We intend to develop on one of these lands the most exclusive project in Romania, and on the other a project we have been working on for over 5 years, a large development, with over 1,200 apartments and an office building of 25,000 sqm, in to implement a unique concept in Europe”, explains Azoitei.
During July 2019, the demands of the sellers of new and old apartments increased both nationally and in several important regional centers, in front of Bucharest. The average amount requested at the country level for an apartment increased by 2.7 percent last month, from EUR 1,216 per square meter useful in June, to EUR 1,249 per square meter, according to the index Imobiliare.ro. The present value is 3.1 percent higher than the one recorded in the same period of last year, respectively EUR 1,212 per square meter useful. Bucharest apartment prices increased by 2.6 percent in July 2019, from EUR 1,284 to 1,318 per useful square meter. The price reached exactly the same level as 12 months ago. In parallel, the supply is increasing. Last year, 11,272 homes were delivered in the Bucharest – Ilfov region, according to data from the National Institute of Statistics, up 18 percent compared to 2017.