Real estate developer Hagag Development, part of Hagag Group Israel, breaks ground on its largest residential project to be developed in Romania: H Pipera Lake. Out of the total number of 390 apartments to be delivered in the first phase, 45% have already been sold.
With a total investment estimated at €90 million H Pipera Lake has received the building permit and will be developed under three construction stages, over a plot of land of 57,000 square meters. The first phase will deliver 5 buildings of 78 apartments each, comprising double studios, 2 and 3 rooms and a height regime of GF + 6F + 7R. The units will have built areas between 55 sqm and 97 sqm. The first stage will be completed by the end of 2020.
"We have decided to invest in Romania because we saw the huge potential of the market and we are convinced that H Pipera Lake will bring added value to the northern part of the city. We are thrilled to start the construction works for the first phase with an occupancy rate of 45%. This percentage is a confirmation that the market has remained dynamic. Romania continues to be a strategic choice for us and we are planning to add new properties to the local portfolio of the company, as well as to announce new projects”, said Yitzhak Hagag, Chairman and board controller of Hagag Group.