Westhouse Group to put EUR 1.5 billion into 20 residential projects

The company is currently developing three residential projects worth EUR 50 million in Constanta, with delivery time estimated for 2008-2009. The projects, including Oasis Residences Central Apartments in Constanta, and Corallia Residence in Mamaia, will deliver apartments of an average EUR 55,000 for a one-room studio to EUR 120,000 for two-room apartments.
The company is currently in talks over the financing program for the existing projects with Alpha Bank, according to Paul Bashir, CFO at Westhouse Group. “We chose to build first in Constanta because we are familiar with the business environment and we feel that we don't have many competitors on the local market. We will look into expanding in Bucharest and other cities too but first we are building on secure business ground,” said Kay Thorkildsen, chairman of Westhouse Group.
Westhouse Group was established in 2005 under the ownership of RomReal, a Norwegian company. It has been listed on the Oslo Stock Exchange since June 2007.

Magda Purice