Apartment sales and pre-sales in the residential project that Lithuanian developer Hanner is building in Bucharest have been up by about 50 percent in 2016 y-o-y, according to company data. So far this year the developer has signed sales or pre-sale contracts for 70 housing units worth a combined EUR 6 million, according to its data.
The first block part of the project was delivered in 2014 and more recently the developer has completed the second block. The third is close to be completed and the developer is also working on the fourth and final block. Overall, the last three apartment blocks will comprise 360 housing units.
The total investment in the project amounts to EUR 40 million, up from an initial estimate of EUR 37 million, said company representatives. The developer also plans to invest a EUR 500,000 in a landscaping project for an area of about 2,000 sqm surrounding the blocks.
Hanner has previously been involved as a partner in the development of City Center Residence and Carol Park Residence in the capital, but The Park Apartments is the first project it is developing on its own on the local market.
Hanner Group is currently developing residential projects in eight European cities. The firm has been active in real estate for more than 20 years and owns assets – residential, office, commercial and logistics – worth approximately EUR 1 billion. It is present in the Baltic States, Romania, Ukraine, Russia and Belarus and is preparing residential projects in Germany and the UK.
Simona Bazavan
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