The investor acquired from George Becali a plot of approximately 30,000 square metres, located near Pipera Plaza, where he intends to develop a residential project comprising approximately 650 apartments.
The purchase price was approximately €14.3 million, and the land was acquired together with the building permit for a large-scale real estate development.
The transaction was brokered by CGA Home Consulting through Cătălin Apetri, the company’s CEO and founder, who also serves as Romania Development Director for Ghai Family Holding and Ghai Sant Ram.
“The Pipera area, where the newly acquired plot is located, has genuine residential demand, driven both by northern Bucharest’s business hub and by rapid access to infrastructure, services, schools and shopping centers. The area’s long-term potential underpins our decision to invest here in a new residential development comprising 650 apartments,” says Cătălin Apetri, CEO and founder of CGA Home Consulting and Romania Development Director for Ghai Family Holding.
Following the success of IVORY RESIDENCE and HORIZON CITY, the new Pipera acquisition continues the British investor’s development strategy in Romania. Ghai Sant Ram has more than two decades of experience in residential development across the United Kingdom and Romania.
“This is a significant transaction, concluded after 16 months of discussions and negotiations. We reached a fair agreement for both parties thanks to the involvement and experience of Cătălin Apetri, with whom I have worked for many years. It is the largest transaction I have completed to date with the founder of CGA Home Consulting, and the investment confirms both the value of the land in northern Bucharest and my confidence in his professionalism,” says businessman George Becali.
Details of the development’s exact configuration, apartment mix, number of parking spaces, amenities, total investment value and construction timetable will be announced once the technical stages have been completed.
Close to Pipera Plaza, the metro and Bucharest’s main business areas
“The plot acquired from Mr George Becali is located in an area that brings together office buildings, shopping centres, medical services, gyms and educational institutions. Its location provides easy access both to central Bucharest and to Voluntari, Tunari, DN1, the Bucharest Ring Road and the A3 motorway. Proximity to Tei Park and Herăstrău Park is another major advantage, while the location is also relevant for families working in northern Bucharest who are looking for a home close to public or private educational institutions. We want every project we develop to begin with people’s real needs,” emphasizes Cristian Stanciu, CEO of the IVORY RESIDENCE and HORIZON CITY residential projects.
With 1,188 apartments at IVORY RESIDENCE, 699 at HORIZON CITY and 650 planned for the new Pipera development, Ghai Sant Ram’s residential portfolio in Romania exceeds 2,500 units.
(English version by Catalina Apostoiu)