August 12, 2019

Hagag Development Europe breaks ground on its biggest residential project in Romania

Hagag Development Europe breaks ground on its biggest residential project in Romania

Real estate developer Hagag Development, part of Hagag Group Israel, broke ground on its largest residential project to be developed in Romania: H Pipera Lake. Out of the total number of 390 apartments to be delivered in the first phase, 45% have already been sold.

With a total investment estimated at €90 million H Pipera Lake has received the building permit and will be developed under three construction stages, over a plot of land of 57,000 sqm. The first phase will deliver 5 buildings of 78 apartments each, comprising double studios, 2 and 3 rooms and a height regime of GF + 6F + 7R. The units will have built areas between 55 sqm and 97 sqm. The first stage will be completed by the end of 2020.

"We have decided to invest in Romania because we saw the huge potential of the market and we are convinced that H Pipera Lake will bring added value to the northern part of the city. We are thrilled to start the construction works for the first phase with an occupancy rate of 45 percent. This percentage is the clear expression of the interest that people have for our project and is also a confirmation that the market has remained dynamic. Romania continues to be a strategic choice for us and we are planning to add new properties to the local portfolio of the company, as well as to announce new projects," said Yitzhak Hagag, Chairman and board controller of Hagag Group.

"H Pipera Lake is a large-scale project, and the start of construction works marks an important moment in the expansion plans of the company on the local market. Located in an emerging area that today accomodates more than 1,200,000 sqm of office spaces, H Pipera Lake aims to become the ideal home for everyone who unflolds daily activities in the nearby office pole, but also for people who are looking for a home away from the city rush and yet close to all points of interest of modern living: supermarkets, shopping malls, restaurants, etc," said Ana - Maria Pop, Chief Operating Officer for Hagag Development Europe.

BTD Construct was appointed General Contractor of the project.

"We are excited about this new collaboration and we are pleased to work with an internationally renowned developer such as Hagag Group. H Pipera Lake is an ambitious project, which will put a highlight onto our team and professionalism. The 16 years of experience of BTD Construct & Ambient’s team in the field of construction works and the know-how we have accumulated during the six years of company’s activity, together with the successfully completed projects reccomend us when we talk about quality, strength and construction design, It is our commitment to deliver a projects executed to the highest standards," added the CEO of BTD Construct.

Developed on the shore of Lake Pipera, H Pipera Lake will include a total of 1,350 apartments disposed over 17 buildings with a height regime of UG + GF + 6F + 7R. Furthermore, the residential compound will enjoy over 1,600 parking spaces, generous green spaces, playgrounds , a promenade area on the lake shore, a mini-market and pharmacy located inside the complex, and private gardens for the ground floor apartments.

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