by Property Forum | Retail

Albanian company Balfin Group has acquired a 155 000 sqm plot of land, 1.5 km from the centre of Skopje. The company plans to develop the first mixed-used real-estate development project in excess of 250,000 sqm gross build area, estimated to be largest private investment of this type in Macedonia. The development plans include a new 45 000 sqm gross leasable area shopping mall, residential block and an office park. The overall total investment of the company is planned to be circa €180 million over a time-span of 5-7 years, with €100 million investment in first phase, creating thousands of new jobs and opportunities. The company states that the shopping mall will be developed first, and the apartments and office towers over the next 5-7 years.


Balfin Group of Albania is majority shareholder of Skopje East Gate Real Estate Development (SEG), and such project shall be further developed with participation of both local and foreign shareholders. Balfin Group was the developer of Skopje City Mall, sold last year to a foreign real estate investor, historically marking the largest real-estate capital market transaction in Macedonia. Balfin Group is one of the largest regional companies, with a portfolio that includes investments in shopping malls, commercial and residential real-estate developments and numerous retail activities such as Neptun, Jumbo and apparel retailers.
 
The mall will be constructed on two levels with an estimated 2500 underground parking lots. The location and the size of the new mall present solid grounds besides the brands present on the market also new foreign brands to come to the mall. Along with the shopping mall, a new residential area, with over 100 000 sqm gross build area of new housing is be planned to be constructed over the next 5 years.