The company will put an additional EUR 500 million into Bucharest office buildings, mall developments and other cities, as well as in residences in Constanta and Brasov, according to Moshe Agavi, managing director of BSG in Romania.
Besides the 1,400-apartment West Park project, of which 200 have already been sold, Seven Hills will build 1,000 apartments in the Pantelimon area of Bucharest with EUR 90 million and 250 apartments in Ploiesti with EUR 20 million. Another apartment project featuring 1,100 homes is planned for the Cotroceni area in Bucharest, with a EUR 100 million estimated investment.
The company will also build between 2,000 and 3,000 villas in Saftica and Corbeanca, where Seven Hills already owns 150 hectares of land in total. The villa projects will be developed in a joint venture with a partner who has not been announced.
The West Park project, with the first construction phase to be delivered in nine months from now, will feature 19 blocks in total.
The investment in the project has been doubled to EUR 120 million, as the project itself has changed since it was taken over from its initial developer, Rom Canada. The project was supposed to be built on three hectares of land, but the area expanded to five hectares, while the number of apartments increased from 900 to 1,400, and the number of parking places was upped from 100 to 1,000, according to Agavi.
The apartments range from 40 to 140 sqm, with the price per sqm at an average of EUR 1,150, according to Eurisko. West Park project was sold in 2006 to a joint venture made up of BSR Engineering Development and BSG. BSG bought BSR's stake in the JV six months ago, thus becoming full owner of the project.
BSG is an international group active in real estate, natural resources, diamonds and capital markets.