News Article Bucharest development Gran Via residential Romania
by Property Forum | Residential

This year Spanish-based developer Gran Via Real Estate will complete the development of the Timișoara 58 residential complex in Bucharest, at the site of the former Frigocom factory, at the crossroads of Timișoara Boulevard and Moinești Street.

The company is working on the final phase of the project, representing two blocks with 300 apartments, totalling an investment of €18 million Ein construction only.  

„For these last blocks the structure was completed, and now we are working on the interior partitions. According to the  working pace, we estimate that the delivery will be made in the third quarter of this year”, explains Ana Maria Nemțanu, Sales & Marketing Director at Gran Via Romania, adding: ”Of the 300 apartments, 60% have already been pre-contracted, with an average monthly sales of 20 units.”

The development of the Timișoara 58 project started in 2013, in four phases of construction, on a land of 32,000 sqm totalling an investment of €40 million in the purchase of land, infrastructure, seven blocks and various facilities such as parking spaces, driveways or playgrounds for tenants.

Until last year, 500 apartments were delivered, and after the completion of the last phase, the entire community will count 800 units: simple and double studios, two and three rooms, as well as duplex apartments. All the apartments fit in the 5% VAT rate, the demand coming from both young Bucharest families and from those relocating to Bucharest from other counties.