Company representatives said the budget earmarked for the development of the project amounts to EUR16 million, and 40% of the housing units available have already been contracted.
The residential project will be built on a land of 2,200 square meters and will include 35 premium apartments between 90 and 220 sqm, as well as duplexes of up to 440 sqm.
HAGAG Development Europe announced this year it had received an urban planning permit in view of restoration works on the Stirbey Palace, a historical monument in downtown Bucharest. The developer has allocated a budget of EUR20 million for restoration works and the rebuilding of an annex that used to store horse carriages.
HAGAG Development Europe specializes in residential and retail projects in Romania. The company is engrossed in the acquisition, development and renovation of buildings and projects entailing investments of over EUR200 million in Bucharest’s luxury and development areas.