The developer will complete in December this year its first residential project in Romania, called Lotus Cismigiu, located near Cismigiu Park in Bucharest. This first project needed EUR 9.56 million in investment to complete, and was backed up by a loan from Piraeus Bank Romania.
Lotus Cismigiu features 22 apartments on seven floors. Apartments are priced starting EUR 233,000, VAT not included, for a two-roomed apartment.
The developer is planning two other residential luxury projects. The first of them involves 35 apartments near Cismigiu Park, and the other, a 27-apartment block in the Floreasca neighborhood. Both of them will be started in 2009.
The company has so far invested EUR 27 million in Romania, but in six to seven years it may reach a volume of investments of EUR 100 million, depending on market opportunities.