Real estate developer Rock Development will invest EUR 23 million in the development of the second phase of residential project Avrig Park Residence. The company is now delivering the 135 apartments comprising the first phase of the project, fully sold, while the second phase will include 222 apartments, with the delivery date set for 2024.
Avrig Park Residence is the largest residential project under development in Bucur Obor area, being located on Avrig Street, 250 meters from the 2nd District Town Hall. The project represents a large urban regeneration of the area, being built on an unique structure of five floors underground, ground floor and 10 floors, the apartments being divided into two independent building bodies.
In addition to the 357 apartments, the project will also include 450 parking lots and commercial spaces at the ground floor, while in the underground will be all the parking and storage spaces for all the apartments.
”The results recorded in the first phase of Avrig Park Residence, fully sold, led us to have full confidence in the evolution of the project and thus we decided to start the EUR 23 investment in the second phase. Construction started four months ago and we already sold approximately 25% of the 222 apartments. We are trail blazers in Bucur Obor area, which will be a major city real estate pole in the future, and we are confident in the evolution of the residential market in the future”, stated Mircea Cotiga, CEO Rock Development, the developer of the project.
The company previously developed Politehnica Park Residence, with 434 apartments, a flagship project for Grozavesti – Politehnica area. SVN Romania is the real estate consultant of Rock Development and one of the main real estate consultants on the local market, being the leader of the residential segment, with over 15 projects in portfolio, located in Bucharest and across the country.