Euro Vial Residence, one of the most important real estate developers active in Constanta’s regional real estate market, acquired at the end of last year a plot of land of 2,500 square meters located in Mamaia North, in a transaction of over EUR 1,5 million.
The land, located in the immediate vicinity of Sea ON’s complex private beach, will be used for to extend the facilities of the project, completed by Euro Vial in the summer of 2021 following an investment of over EUR 30 million.
Sea ON consists of 392 apartments and eight commercial spaces in two buildings with 10 floors. The project offers multiple facilities, including direct access to the 5,000 square meters private beach located in front of the project, a 2,000 square meters commercial gallery and concierge and hotel apartment management services. The project is the first and only project delivered in a adjacent area where over 4,800 residential units are under construction.
“We solt over 90% of the units and we will use the recently acquired plot of land to extend the project with a series of new facilities, which will complete the Sea ON concept. We are in the process of identifying a reputable HoReCa operator and we will include new leisure spaces, including those dedicated to the children. Buyers, as well as tourists who rent units purchased for investment purposes, want an integrated project, at Western standards, that offers a full range of facilities, services and leisure options. The Romanian seaside needs more and more integrated projects to increase the quality of our local tourism”, said Virgil Lixandru, Managing Partner of Euro Vial Residence.
The company will start the works on the new spaces in the next period, their completion being planned before the start of 2022 summer season.
Mamaia is one of the most dynamic real estate regional markets in Romania, with over 14,000 residential units delivered in the last decade, thus surpassing middle and even large cities from Romania, according to official data of National Institute of Statistics. In addition, other several thousand new units are under construction in Mamaia at this time, set to be completed in 2022 and beyond.