Alfa Group is investing €90 million in the first phase of a new residential project in northern Bucharest.
The group is developing the Cloud9 Evolution project, which is located near the already completed Cloud9 Residence. The new complex will add 612 new apartments and 658 parking spaces to the area and is expected to be completed by the end of 2025, with 70% of the residential units already sold.
Răzvan Brasla, CEO of Cloud9 Residence, stated that the new development is designed to fully embrace the 15-minute city principles.
"Project financing has been provided entirely from own funds and bank loans, without relying on deposits received from clients. In line with international practice in the real estate sector, the advance payments have been secured in an escrow account," said the CEO.
Alfa Group has delivered more than 15,000 apartments and delivered over 1 million sqm of residential and office space to date.
