Hagag Development Europe has started the construction for the second and third phases of H Pipera Lake residential complex in Pipera, near Bucharest, after securing the permits from local authorities.
This new development stage will encompass 11 buildings, with the company having already initiated work on the first five, targeting a completion timeframe of approximately 24 months.
The total investment for the development of the two phases along with the associated infrastructure, amounts to €113 million , bringing the overall development cost for the entire complex to over €150 million.
Upon completion, the complex will feature 16 residential buildings with over 1,400 apartments. It will also include 1,740 parking spaces, over 18,500 sqm of green areas, and a lakeside promenade.
Andreea Dumitru, CMO at Hagag Development Europe, said: "We are commencing the execution of the second phase with over half of the available units already reserved or pre-contracted, and we are pleased to confirm that there continues to be strong demand for the Pipera area."
The complex will also integrate commercial spaces. The first retail component, totaling 1,000 sqm, is nearing completion, with delivery scheduled for the coming months. A second commercial component, spanning approximately 1,400 sqm, will be delivered in the third phase.
The project is designed in accordance with nZEB provisions, featuring photovoltaic panels and electric vehicle charging points.
