Romanian developer Impact Developer & Contractor will launch in the next period in Bucharest a new residential complex comprising over 850 premium apartments with a market value of around €350 million.
The Aria Verdi complex will also feature commercial galleries, kindergarten, green spaces and community services. This would be the third large scale development of Impact in Bucharest. Impact said it obtained the urban certificate for this complex last spring. At the same time, the company will start the construction of a residential project in Iași that will include 1,062 apartments and facilities with a development value of €175 million.
„We leave behind one of the most difficult semesters for both the industry and our company, with challenges generated by the macroeconomic situation to which were added the major increase in interest rates that affected the accessibility of mortgage loans, the impact of legislative changes regarding the VAT threshold for the purchase of housing, as well as measures regarding wages in the construction sector. Specifically for our company, a massive impact was also had by the temporary closure of the Vadul Moldovei road connecting the Greenfield Băneasa neighborhood to Sector 1, the legislative procedures necessary to solve this situation being initiated by the administration. Despite these challenges, we managed to maintain adequate liquidity and to continue at a sustained pace sales and pre-sales of the housing stock worth over €155 million,” said Constantin Sebeșanu, CEO of Impact Developer & Contractor.
In H1 2023, the company obtained revenues of €12.5 million, while the balance of 403 residential units in pre-sale and reservation contracts was valued at €46.2 million.
Shares in Impact were up 2.18% to 0.28 lei on Friday morning trading on the Bucharest Stock Exchange (BVB).
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