SunLake Residence Developer has Acquired Two Plots of Land on the Shores of Pipera and Balotesti Lakes for New Residential Developments

Park Properties, the developer of the SunLake Residence complex, located on the shores of Lake Fundeni in Bucharest, and a number of other 10 buildings in central and ultra-central areas of the capital, has acquired two land plots on the shores of Pipera and Balotesti lakes on which new large-scale residential complexes will be constructed.

SunLake Pipera and SunLake Homes (Balotesti) are the two future new residential neighbourhoods located in key areas of Bucharest and near the city, close to the lakes, with a unique perspective on the area where they are located, similar to the SunLake Residence concept, on the shore of Lake Fundeni, where three blocks with a total of over 300 apartments are under development.

The estimated market value of the two future residential developments is more than €40 million.

“We have recently acquired a lakeside plot of land in the Pipera area where we intend to develop a residential complex of premium apartments, as well as 20,000 sqm of land on the shore of Lake Balotesti for a future neighborhood of luxury villas. The lakeside location gives uniqueness to any real estate development and significantly increases the quality of life of the residents. With the acquisition of the new land and planned developments we will exceed the threshold of 700 housing units and we aim to exceed 1,000 units in Bucharest and the near Capital in the coming years”, Alexandru Manaila, Managing Partner of Park Properties stated.

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Together with the new land acquired, the market value of all Park Properties projects exceeds €100 million.

“Prices for apartments in Romania are still very affordable compared to other European capitals, which is why we expect that the market in Romania will also be aligned with the central European levels and prices will increase mid and long term. That is why we continue to invest in unique properties in Romania, but only if they make sense and the projects are financially viable. To be competitive in the market, the key is to find land with potential and at the right price, where apartments or real estate will sell quickly, regardless of real estate market conditions.”, Alexandru Manaila added.

SunLake Residence’s first 12-storey block entirely sold out of the construction phase. 40% of Block B is already under contract

The SunLake Residence complex in the Fundeni area has received increased interest from investors and end buyers. The first 12-storey block has been 100% booked since the construction phase and phase 2 is already 40% contracted, less than 6 months after the start of construction.

“We are seeing investors who have pre-let apartments in Block A prior to the start of construction and have resold the pre-let apartments to the final buyers. These investors who bought packages of apartments in Block A have reinvested the capital in Block B. We have investors who have bought one or two apartments for rental or resale as well as investors who have bought packages of several properties. We expect that once Phase 2 of the project is completed, i.e. Block B, the apartment investors will reinvest this capital in Block C, which will have 17 floors and will be the tallest structure in the development”, Bogdan Gutu, Sales Manager of SunLake Residence said.

Work on Block B, which has a B+Gf+12-storey structure, has reached the 10th floor of the resistance structure, and the pace is two floors per month, so that the resistance structure of Block B will also be fully completed in January 2024.

Duplex penthouses with lake views from every room

Park Properties has recently launched penthouses with spectacular lake views. Located on the top two floors of the two-storey residential complex, they feature internal staircases, generous terraces and premium finishes, with lake views from every room.

“Due to their uniqueness, we intend to keep some of the penthouses as rental investments and the rest have already been sold or will be sold in the near future. Generally, unique penthouses and apartments are not put on the market by sellers, but we have decided to be flexible and offer a limited number of duplex penthouses for sale. Prices for these units start at 147,000 euros + VAT and can go up to 271,000 euros + VAT for a 5-bedroom unit”, Bogdan Gutu added.

With a total area of more than 40,000 square metres upon completion and a market value of more than 40 million euros, SunLake Residence, located on the shores of Lake Fundeni in Sector 2, is one of the most ambitious residential projects in the capital, an architectural landmark with spacious terraces and spacious lobbies, surrounded by lakes, a green, quiet area with numerous recreational facilities – parks and playgrounds for children. The project was launched in March 2022.