In a difficult economic and political environment, SPEEDWELL continues to develop on the local market despite global economic uncertainties, rising interest rates and the general deadlock regarding the projects for the urban plan in the capital (PUZ).
The company targets mainly mixed-use projects, with a focus on the residential segment (75 percent), followed by developments in the office (20 percent) and industrial logistics (5 percent) segments, respectively. With projects implemented in Bucharest and other cities in the country, the company relies on a qualitative approach to their development, emphasizing both sustainability elements and the progress achieved at the level of cities’ areas, as well as the well-being it creates in the community level, together with its partners.
“Specific to a transition, this year’s context will continue to be challenging. However, we are confident that in the new year, we will be able to put on sale at least 200 to 250 units from the portfolio, which could generate approximately 45 to 50 million euros from the residential component alone. In contrast to the fluctuating progress regarding the relations with the capital and other local governments administration, we are determined to continue our country-level investment plans for projects that can fundamentally change the functionality of cities’ landmark areas as CityZen or the “Zen” city within Bucharest promises to be,” said Didier Balcaen, CEO and Co-Founder of Speedwell.
The developer has completed RECORD PARK, a mixed project with 236 apartments and approximately 15,000 sqm of commercial space in Cluj-Napoca, the first two buildings of the TRIAMA Residence complex, the first two buildings which are part of Phase 1 of THE IVY, and the MIRO project -the class A office building that offers 23,000 sqm of office space in Bucharest. In the western part of the country, in Timisoara, SPEEDWELL created another urban regeneration project, PALTIM, an ensemble combining 236 premium apartments, with a class-A office building and retail spaces, located on the site of a former factory, right on the shore of the Bega River. Last year, the company also launched its first industrial project, SPACEPLUS, which offers storage spaces for SMEs.
This year, the developer started sales for the third building of the premium residential project, THE IVY, located in the northern area of the capital, close to the Baneasa forest. Also in the capital, on the eastern side, in a well-connected area, SPEEDWELL is preparing to start the works on the third phase of the TRIAMA Residence project. For the month of June this year, the developer is preparing to launch sales for The MEADOWS, a unique concept on the real estate market in Bucharest, which offers modern homes with a low height regime, located on the shores of Grivita Lake, in Bucurestii Noi.
At the moment, SPEEDWELL is working to obtain the zonal approval for CityZen, a large-scale project on Calea Griviței (exGriro), which will change and improve the living conditions for current and future residents of the area by developing apartments, offices, services, restaurants, places for cultural activities, food market space, craft workshops, extended public spaces, parks, running tracks, kindergartens, public parks and recreation spaces.
“We chose to develop projects in various areas of Bucharest, where we felt there was a demand from potential buyers, thus contributing to improving the lives of communities. However, in some areas, and especially around the central area of the capital, we have noticed a need for substantial investments in order to achieve harmonious development at the city level. These investments produce various positive effects, which include increasing the standard of living, but also improving the image of the capital, these being decent directions to follow, worthy of a European metropolis that respects its past, but especially its future,” said Jan Demeyere, Architect and Co-Founder of Speedwell.
From the point of view of acquisitions, the company recently bought a 14-hectare plot with direct access and visibility to Lake Ostratu, in Corbeanca, close to the capital. The plan for this land is to build a residential project, GLENWOOD Estate, which will deliver a mix of 210 premium low-rise villas, large living spaces and extensive gardens in a predominantly green area with a wide range of existing facilities. The first properties will be put up for sale this summer, in July.
A large part of SPEEDWELL projects have BREEAM certifications (Excellent or Outstanding standard) and the MIRO office building also has the WELL certification of concern for the environment as part of a wider sustainability effort, the real estate developer has developed an ESG (Environment, Sustainability and Governance) strategy, which started to be implemented at the end of 2021.
