INTERDRAW, a real estate development company and full-service provider of project management and design services founded by entrepreneur Ulisse Gheduzzi, has obtained the building permit for a residential project of 248 new apartments, located on Drumul Gura Caliței Street, sector 3 Bucharest. The market value of Sungate Apartments is over €30 million.
The Sungate Apartments residential project will be built on a plot of approximately 7,700 sqm and will include three apartment buildings with a height of Gf+11 and Gf+9 respectively and one level of underground parking. The project also includes commercial spaces on the ground floor of each building, designed for hypermarkets, pharmacies, coffee shops or essential service providers.
“Sungate Apartments represents INTERDRAW’s first major investment in the Bucharest residential market. We have been preparing this project for some time and we are happy to have managed to take the step towards the development of such a large-scale residential development. We have an integrated team of consultants, designers, architects and collaborators who aim to transform this project into a Western housing option, competitive with those recently built in the Theodor Pallady area”, said Ulisse Gheduzzi, founder of INTERDRAW.
Sungate Apartments includes 248 studios, one-, two- and three-bedroom apartments and will have 297 parking spaces, arranged above and below ground, as well as 2,500 square meters of green space. Premium finishes, underfloor heating, large, glazed surfaces and generous terraces are among the project’s advantages. Sungate Apartments is a three-minute walk from Nicolae Teclu metro station and three tram stations. The project is five minutes away from the Pallady shopping hub, which includes Ikea, Leroy Merlin, Metro, Lidl, Auchan, Kaufland, Decathlon, Jumbo and JYSK.
“Obtaining the building permit comes at a time when the stock of new housing has declined locally, demand is still high, the New Home program continues, and the lending is harder to access than last year. However, the Bucharest housing market has enough resources to continue to grow in 2023. IRCC and ROBOR values will stagnate and start to fall, according to economists’ estimates, from the second quarter of 2023, an evolution that will most likely boost residential sales from the second half of the year. We are in advanced discussions with several investors to obtain the necessary financing to start the whole project,” added Ulisse Gheduzzi.
Theodor Pallady is currently the capital’s most effervescent residential development pole. According to the market data, about 8,000 homes have been completed in this area in recent years, and another 4,000 new homes are scheduled to be delivered in the coming years.
In Bucharest, more than 57,500 new and old apartments were sold in 2022, compared to 52,000 in 2021 and a little over 37,000 in 2020. Nationally, the sales decreased from 183,032 in 2021 to 174,386 in 2022. The average apartment prices increased by 6 percent in 2022 compared to 2021, nationally, while in Bucharest the increase was 7 percent. In the new apartment segment in the capital, the increase was around 15 percent in 2022 compared to 2021. The estimates for 2023 are for a decrease in the mass-market segment and an increase in the medium-high and premium segments.
The Sungate Apartments project is represented by Concept One, an integrated marketing, communication and sales services agency dedicated to the residential segment in Bucharest and Ilfov. Concept One’s portfolio currently includes projects such as Pipera Concept, One Level Villas, Celest Residence, Forest Vista and Toth Developments.