Adama, leading residential real estate developer in Romania, fully owned by IMMOFINANZ Group, has commenced construction on a new 77-unit residential project in Berceni neighbourhood, in Bucharest. After having resumed post-crisis developments in 2012, this is the first compound built within a completely new area of the city since up to date the recently built sites were new development stages, part of already existing projects.
The investment for this project amounts up to 3 million, entirely allotted out of the company’s funds, with building works started in March 2015 and scheduled for completion within 12 months’ time. The newly-built project provides for a 10-storey building consisting of 77 units – studios, 2 and 3-room apartments, located in the heart of long-established Berceni neighbourhood in Bucharest.
The general contractor of the works is Plaster, a Romanian company having wide experience in the construction field, having completed various office buildings, residential compounds or shopping centres up-to-date, whilst the project management of the works will be ensured by Vitalis Consulting, company involved in all Adama’s post-crisis projects.
“The residential sector in Romania is one of the most important aims on the company’s local developments radar since this submarket gradually faces an ascending trend, whilst the housing offer targeting the middle-class customers is insufficiently covered. Starting with January 2014, we have initiated a thorough analysis of IMMOFINANZ and Adama common plot portfolio in order to establish the most appropriate destination for each land and the Berceni plot is the first one to get developed consequent to this analysis”, says Laszlo Csiki, CEO of Adama Group.
“The southern part of Bucharest has faced the largest residential development in the past 3 years, but this mainly occurred on the city’s outskirts. With this new project, Adama takes the first step into setting a quality benchmark for this area, similar to what it has managed in Titan neighbourhood. This new development fits into our strategy, as Adama has the experience, the market know-how, as well as the quality standards to start a project from the scratch,” commented Alina Necula, Head of Marketing & Sales Adama Group.
This new development leads Adama’s post-crisis investments close to €20 million, entirely allotted from private funds, Berceni area project is the third investment after the second development stages of Edenia Titan and Evocasa Optima in Bucharest (210 units and a €14,1 million total investment) and the last development phase of Copou Bellevue in Iasi (50 units and €1,7 million investment).