According to Lucian Azoitei, CEO of Forty Management, the investment will top EUR120 million and the project will be completed in around three years. Funding comes both from own sources and a banking loan from a consortium made up of CEC, Alpha Bank and First Bank.
The compound will be located in Coralilor Street, 18, near Petrom City. Construction works will involve around 3,000 people and subsequently more than 800 jobs will be created within it.
The public targeted by Forty Management is made up of Romanians and expats, people and families with above-average incomes.
The management of the compound will be secured by real estate consulting firm Colliers.
For the development of Lagoon City concept, Forty Management acquired the franchise Crystal Lagoons, a US company with offices worldwide, which has developed a technology allowing for the building and maintenance of artificial lagoons anywhere in the world.
(English version by Catalina Apostoiu)