Three new residential projects in Romania
Tagor real estate developer, which has completed the first phase of its first Romanian project is preparing for new residential projects.
The company has started last year the construction works for Adora Urban Village near Bucharest. The first phase of the project, with 75 apartments was recently completed. This year the construction works for three new projects will start in Arad, Timisoara and Bucharest. The project in Bucharest could be constructed on the land the company owns in Pipera area, with 80 villas in the first phase from the total amount of 600 villas.
The company that will do the construction of Arad project has recently increased its social capital with EUR 14.6 million. Tagor owns the land of the former industrial platform ARIS, with a total area of 70,000 sqm. According to the urban plan of the zone, the project consists of 11 floors residential buildings with 1,400 apartments.
Beginning of 2012, the company was planning to build 1,300 apartments in Arad and 1,300 in Timisoara.
Tagor owns in Romania five lands: in Arad (70,075 sqm), Timişoara (61,825 sqm), Oradea (17,818 sqm) and two in Pipera (40,000 sqm and 36,234 sqm). The company is the operational partner for Romania of the British investment fund Patron Capital, with assets of more than USD 2 billion. The two companies have signed in 2007 an agreement for the development of 4,500 homes in Romania, with EUR 300 million investments. (source: economica.net)