Vitan Center’s owners buy 1,000 sqm plot of land for residential project

A 1,000 sqm plot of land located close the 1 May Square in Bucharest has been acquired by the owners of Vitan Center, an office and retail project in Bucharest, according to Mediafax newswire. The land will be used to build a residential project consisting of about 50 housing units.

There is demand for new apartments in central areas albeit the available land and therefore the supply of such properties is relatively limited, said Mihai Dumitrescu, managing partner at Crosspoint Real Estate, the agency that brokered the deal. Moreover, not all of the projects that have been built in the area meet the buyers’ demands and financial possibilities, he added.

Construction will start over the next period and it is scheduled for completion in 2017, according to the same source.

Vitan Center is controlled by local businessmen Vasile and Cristian Gagiu. The company behind the project reported a turnover of over RON 10 million (approximately EUR 2.2 million) and RON 4 million profit (approximately EUR 890,000), according to data from the Ministry of Finance.

Simona Bazavan

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