Real estate developer HAGAG Development, part of HAGAG Group Israel, announced that it has broken ground on the largest residential project it will develop in Romania, H Pipera Lake. Of the total of 390 apartments to be delivered in the first phase, 45 percent have already been sold, the company said in a statement.
With a total investment estimated at EUR 90 million, H Pipera Lake has obtained the building permit and will be developed under three construction stages, over a plot of land of 57,000 square meters. The first phase will deliver 5 buildings of 78 apartments each, comprising double studios, 2 and 3 rooms and a height regime of GF + 6F + 7R. The units will have built areas between 55 sqm and 97 sqm. The first stage will be completed by the end of 2020.
“We have decided to invest in Romania because we saw the huge potential of the market and we are convinced that H Pipera Lake will bring added value to the northern part of the city. We are thrilled to start the construction works for the first phase with an occupancy rate of 45 percent. This percentage is the clear expression of the interest that people have for our project and is also a confirmation that the market has remained dynamic. Romania continues to be a strategic choice for us and we are planning to add new properties to the local portfolio of the company, as well as to announce new projects,” said Yitzhak Hagag, Chairman and board controller of Hagag Group.
BTD Construct was appointed General Contractor of the project.
“H Pipera Lake is a large-scale project, and the start of construction works marks an important moment in the expansion plans of the company on the local market. Located in an emerging area that today accomodates more than 1,200,000 sqm of office spaces, H Pipera Lake aims to become the ideal home for everyone who carries out daily activities in the nearby office area, but also for people who are looking for a home away from the city rush and yet close to all points of interest of modern living: supermarkets, shopping malls, restaurants, etc.”, said Ana – Maria Pop, Chief Operating Officer for Hagag Development Europe.
Developed on the shore of Lake Pipera, H Pipera Lake will include a total of 1,350 apartments disposed over 17 buildings with a height regime of UG + GF + 6F + 7R.
The residential compound will also have over 1,600 parking spaces, generous green spaces, playgrounds, a promenade area on the lake shore, a mini-market and pharmacy, as well as private gardens for ground floor apartments.