Romanian developer One United Properties purchased 5 hectares of land in Bucharest for a new mixed-use development in a deal worth €35 million. The company plans to develop One Cotroceni Towers, which will have a gross development value in the range of €400 million.
The residential component will accommodate 1,296 units spread over five towers. Additionally, the mixed-use development will also include a stand-alone office building with a leasable area of approximately 48,000 sqm.
”The excellent sales at One Cotroceni Park, where 92 percent of units were sold within the first year since the sales kick-off, proved the important opportunity that One United Properties has in expanding ONE high-end brand into larger scale medium to medium-high income developments. In addition, we see continued demand for mixed-use developments in the Cotroceni area, making it a very important neighbourhood for our future investments,” said Victor Căpitanu, Co-CEO of One United Properties.
The developer said the planned project will be an extension of the urban generation complex One Cotroceni Park.
After full delivery, One Cotroceni will become a Bucharest landmark, with a brand new, modern neighbourhood that will include almost 2,200 apartment units, over 40,000 sqm of commercial spaces and small offices, and almost 140,000 sqm of leasable office spaces, as well as 4,200 underground parking spots.