The company, owned by Romanian businessman Petre Niculae, bought the 6,200 sqm plot from Lithuanian firm Europa Group Investment (EGI) for EUR 1.35 million (without VAT) last year. EGI wanted to build a residential project with over 300 apartments, but went bankrupt.


Work on the new residential compound started on October 15 last year, reports local Once completed, it will include 330 apartments and 300 parking lots.


Petre Niculae built in the past 560 other apartments in various projects across Bucharest. The most recently completed one is the 19th Residence project, near the Basarab flyover. (source: