After starting construction works for the first phase of PALTIM, which includes 123 apartments, SPEEDWELL has received the building permit for the second residential building of this project. This milestone marks the third successfully obtained permit, in addition to the one granted for the rehabilitation works on the historical monument villa.
As a mixed-use ensemble, besides the residential component, PALTIM will also include office and retail spaces. The process for obtaining the final permits for the office component of PALTIM, including another revitalized building, linking the project to its past heritage, is well advanced and scheduled to occur in the next few months.
The works are well underway for the first residential building of the ensemble after SPEEDWELL has signed an agreement with STRABAG for the role of General Contractor.
The second residential building of the project consists of 113 apartments, from studios to 2, 3, and 4-room apartments. Together with the units in the first building that is already in the works, the project reaches a total of 236 premium apartments.
Located on the banks of the Bega River, PALTIM introduces a high-end concept that aims to create a new community in one of Timisoara’s most sought-after areas, within walking distance from the city centre and Central Park.
The development is also an urban regeneration project. SPEEDWELL is currently working on refurbishing a monument villa and will soon start works on a section of the former hat factory that will be rehabilitated, thus conserving the historical and cultural heritage of the site.
In addition to the urban regeneration component, the project is being built according to the nZEB standards using superior quality materials. Sustainability is a concept that can be found in all the projects SPEEDWELL is developing.
Sales for the first building of the project have been launched in October 2021 and more than half of the available stock of apartments has been sold.
Construction works are ongoing for the first building and the monument villa refurbishment and are going according to plan.
“Obtaining the building permit for the second phase of the project marks an important milestone and a much-awaited moment the team has worked towards. With the construction going ahead for the first building, we are getting closer to the moment PALTIM will become reality and create a new community and living standard,” said Didier Balcaen, CEO and Co-Founder at SPEEDWELL.
