by Property Forum | Investment

The Negoiță family, which also includes the mayor of sector 3 of Bucharest, bought a land of over 10 hectares of the former Tubinox pipe factory from the Indian steel group Viraj, informs.

The estimated price is about €10 million and the land is suitable for the construction of a residential complex with about 3,500 apartments, the largest project in which the Negoiță family has been involved so far.

Indian group Viraj is a major player in the global steel market. The Indians bought Tubinox from Silcotub Zalău in 2006. The seller was represented in the transaction by the broker Avison Young.

The Negoiță family is currently developing the Hills Pallady residential complex, on the site of the former Romcarton factory in eastern Bucharest, where almost 2,000 apartments are being built. In the same area, the mayor's family is also developing the Palladium Residence complex, planned to include 2,500 new homes.

Before the real estate crisis of 2008, Ionuț Negoiță and his brother, Robert Negoiță, who retired from the business after becoming the mayor of Sector 3 in Bucharest, developed three residential projects with over 3,000 housing units sold completely. After a break of a few years, the two brothers resumed their real estate activity, indirectly, in 2014 with the Palladium Residence project.