Construction works will be carried out by the company Premium Invest Concept based on a contractor agreement worth EUR9.5 million.
In 2019, Impact Developer & Contractor sold 16,806 square meters of the land allotted to the project to German retailer Kaufland, within a transaction valued at RON3.19 million (VAT included), as part of Impact’s new residential development strategy aimed at facilitating residents’ access to retail and leisure services.
Impact representatives said Boreal Plus received the building permit at the beginning of September 2020.
The three blocks consist of 209 apartments, of which 58 studios, 110 two-room apartments and 41 three-room apartments.
Developed on a 64,440 sqm land, the Boreal Plus compound will include a total 691 housing units upon completion, of which 673 apartments and 18 luxury villas, 826 parking spaces, of which 289 will be part of a multi-level car park.
Impact is currently developing two residential projects in Bucharest, namely, Greenfield Residence Baneasa and Luxuria Domenii Residence, as well as the first phase of the Boreal Plus project in Constanta.
In January-June 2020, the company reported revenue of RON65.8 million from the sale of the properties owned, down 17% on the year, and its net profit halved on the year to RON8.6 million, from RON16.4 million in the first half of 2019.
Impact has a market value of RON389 million and is 56.8% owned by Gheorghe Iaciu and 15.4% held by Andrici Adrian. Its shares have been trading down 1.34% since the start of 2002, amid deals worth RON17.7 million.