The new project will include 107 apartments, in a first phase, which will engulf an estimated EUR7.3 million, Tagor said in a statement Thursday.
It also said the new residential compound will be developed on a 61,000 sqm land plot, where it will build 12 blocks with over 1,200 apartments and a 6,300 sqm park.
Timisoara will host Tagor’s third residential project in Romania, as part of an investment program of EUR110 million, according to the statement.
The new project in Timisoara will be developed under the brand Urban Village, the same brand Tagor used for its first two realty projects in Bucharest and Arad.
In Bucharest, Tagor has completed the first phase of residential compound Adora Urban Village, which comprises 75 apartments. The project includes a total 12 blocks in Bragadiru (south-western Bucharest), with a total 548 apartments, which will engulf EUR34.4 million. Tagor will start the second phase of the project, which includes two apartment blocks, in 2014.
Tagor also owns a seven-hectare land in Arad (western Romania) and a four-hectare land in Pipera (northern Bucharest).
The company’s investments in residential projects in Romania will engulf up to EUR250 million.
Tagor’s investments in Romania are carried out jointly with British investment fund Patron Capital, whose assets exceeds EUR2 billion.