New Residential Project in Bucharest with EUR 15 mil.
The group of companies Red Sea Group and Shikun&Binui R.E.D started the construction of a residential project in Aviatiei district in Bucharest with a total investment of more than EUR 15 million, according to RealTime Imobiliarii, the project consultant.
The residential complex, named City Point, consists of four 7 floors buildings, with a total of 180 apartments and will be entirely financed by own investment.
The first stage of the complex made of a building with 45 apartments started this April and have the completion term for March 2014.
“The residential market in Romania needs home units adapted to the requirements and needs of the final client.” says Favi Stelian, CEO Red Sea Group Romania
The prices for an apartment in city Point start from EUR 63,000 + VAT, the average price being around EUR 78,000 +VAT.
The project’s target consists of the persons and young families working at the multi-nationals in the North area, according to Ion Catutoiu, managing partner Real Time.
City Point is built in the north area of Bucharest, near the business district, with interest points such as Sky Tower, Promenada Mall or Floreasca Park, but also in the neighborhood of Herastrau Park.
The partners of Red Sea Group and Shikun&Binui R.E.D for this projects are: the architects Vlad Simionescu&Asociatii, the constructor Danya Cebus, the real estate consultant RealTime Imobiliarii and the marketing agencies Godmother and Momentos.
Shikun&Binui Red started its activity in Romania in 2006 by the construction of a luxury residential building in Sevastapol St., Bucharest.
With nearly 90 years history, Shikun&Binui Red business was found in 1924 in Israel and became one of the biggest international real-estate developers. The business areas covered by Shikun&Binui Red are the commercial and residential constructions as well as public interest buildings, transportation infrastructure or green energy, The company is present in Israel, Hungary, Czech Republic, Poland, Germany and Romania.
Red Sea Group is an international investment company in the hotels and residential field. Red Sea owns the 4 stars hotel brands Park Plaza, Art’otel and its portfolio includes 39 hotels in Great Britain, Netherlands, Hungary, Germany, USA and Israel. (source: wall-street.ro)