Romanian developer Forty Management plans to start new residential projects covering 138,000 sqm with a market value of more than €310 million. The investments are in various permitting stages.
The company is preparing a luxury residential project in a 122-meter building in northern Bucharest and will start next year construction on a mixed-use scheme in the same part of the city.
In the first nine months of the year, Forty Management recorded a turnover increase of 76.3% to 109.4 million lei (around €22 million) compared to the same period of last year. The net profit stood at 36 million lei (approximately €7.2 million) in the first three quarters of 2021. The company sold and pre-sold 209 apartments and 222 parking places by September.
The company was founded by Lucian Azoiței and Tudor Bădițescu. Currently, Azoiței family holds 88.5% of the shares and Bădițescu has the remaining stake.
