Cordia, part of Futureal group, plans to develop a residential project with 400 units in Bucharest, near Romexpo Exhibition Center.
The developer has acquired 15,336 square meters of land in this area from Alpha Bank, in a tender. According to the Urban Planning Permit (PUZ), Cordia wants to build apartment blocks with one to four rooms on a total surface of 34,000 sqm.
Cordia says that the area around World Trade Center and public residential complex ANL Romexpo could become the new business pole of the city. The investor forecasts that developments in this area will pick up due to the planned subway line that will reach Romexpo on the way on the Henri Coanda Airport on line six.
“Due to the wide array of developments (residential, commercial and transport), the area is set to go through a remarkable progress in the next two years,” said the company in a statement.
Futureal has developed over 800,000 sqm worth of real estate projects with a combined value of EUR 1.15 billion. At present, the company is working on 39 new projects, on a surface of 900,000 sqm, with net asset values of EUR 1.5 billion.
Cordia invests in residential projects in Hungary, Poland and Romania.