According to Negoita, the investment doesn't include the price paid for the land. The developers will get the financing both from private funds and from bank financing. “The project will be developed on a 45,000-sqm area of land located in the Vitan area, near the hotel we have there, and consists of 12 blocks with 1,500 apartments,” said Negoita, quoted by Mediafax. According to the developer, the blocks are ten levels high and include apartments of one to four rooms sold for EUR 1,200 per built sqm, the cheapest one-room apartment being EUR 49,500. The project started in August 2007 and is set to finish in 2009.
The project in Vitan is the first residential project for the Negoita brothers.
They built their first hotel, Confort Otopeni, in 2003, followed soon by Confort Traian and the residential development in Pipera, Domus Stil in 2005. Rin Otopeni, the third hotel from the brothers, was launched in 2006. In the same year, the businessmen started to develop two projects on a plot of 30,000 sqm, one Rin Grand Hotel and one a 480-apartment compound, set to be finished in December 2007.