Following the expansion in Budapest, Krakow and Warsaw, Cordia has re-entered the Romanian capital with a 400 apartment development. Futureal Group’s residential subsidiary acquired 13 plots with a total area of 15,336 sqm in Bucharest where the project will be developed.
Cordia, member of Futureal Group has acquired 13 plots with a total area of 15,336 sqm in the Exhibition area of the Romanian capital Bucharest, near Romexpo, World Trade Center and ANL Romexpo Residential Complex. The acquisition was made at an auction, and the main creditor of the purchase was Alpha Bank. Cordia is going to develop a residential project with approximately 400 apartments.
According to the local construction regulations, a residential building can consist of building bodies with maximum height up to ground floor (GF) plus 11 floors above. The planned buildings will have the function of collective dwellings with 1 to 4 room-apartments and a total area of approximately 34,000 sqm.
“Cordia aims to become the largest regional residential developer in CEE and SEE markets,” said Gábor Futó, founder of Futureal Group. "The economies of the regional countries are in growth, interest rates are low, the return of mortgage financing is outstanding. Cordia’s expansion plans are backed by the significant market demand and the limited number of high quality residential buildings in the target countries,” he added.
Construction works of the new M6 subway line are to be launched this year, the new Cordia homes will be close to a new M6 station. “This public transport investment places the wider area of Cordia’s residential development on the future Bucharest office building map as a key point,” added Mauricio Meza Gomez, Country Director of Futureal in Romania. “Due to implementing a wide range of residential, commercial and transportation related developments, the area is expected to go through an outstanding progress over the next years,” he added.