Greek businessman Papalekas to build new residential in Bucharest
After buying a mall, two office buildings and some lands, Ioannis Papalekas, one of the most discreet investors in real estate is currently developing a new residential building with 36 apartments in the northern area of Bucharest.
The works for Băneasa1 project, in the area Erou Iancu Nicoale St., near Jolie Ville, have started in April this year and the completion date is set for November 2013, has declared for ECONOMICA.NET the developer’s representative. This will be the only building to be erect on that plot.
The project will have one building with four floors and 36 apartments. The apartments ‘areas are ranged between 50 and 220 sq m. The project will have two studios, 13 apartments with 2 rooms, 19 apartments with 3 rooms and two apartments with 4 rooms.
Each apartment will have its own underground parking place.
A studio with 54.67 sq m has a starting price of EUR 54,700 + VAT, the 2 rooms apartments have surfaces between 76.48 sq. m and 112.21 sq. m with starting prices from EUR 76,500 + VAT
The 3 rooms apartments prices, with surfaces between 104.91 and 184.73 sq m have a starting proce of EUR 93,600 + VAT, and the four rooms apartment, with 220 sq m cost from EUR 197,600 + VAT. The apartments can be bought either by direct payment or credit.
About 1development, in the project presentation it is mentioned that was registered at the end of last year. On 21st of December 2012, Star Imob Construct, the company through which Ioannis Papalekas has bought City Mall, associated with Mbahara Limited and Rafail Ioan Paul in a new company, named Victoria Ventures. This has requested this year the registration of 1development.ro mark to OSIM, and the company’s site is not yet functional. The project’s announcement was placed on 16th of May on imobiliare.ro real estate portal.
In the new company, Victoria Ventures, Star Imob Construct owns 60% share, while the rest of the shareholders have 20% share each. One of the administrators is Adrian Dănoiu, a close person of Papalekas, who was part of the management team that launched City Mall eight years ago, with the position of accounting manager.
Star Imob Construct has increased its social capital with EUR 2 million at the beginning of this year. (sursa: economica.net)