The first building in the complex was completed in the first half of this year and consists of 69 apartments and studio apartments with areas ranging from 48 to 108 square meters. The entire complex will consist of 460 apartments.
“The three other buildings will be delivered in three stages, one building a year. The next apartment building will be delivered in 2015 and the last in 2017. Each new building will consist of 130 studios and two, three and four-room apartments,” the developer said in a press release Thursday.
The developer added over 30% of the apartments in the completed building have been sold within two months of completion.
“The Romanian residential market will soon step into a new era. The consumer profile has changed significantly in recent years. Clients in the medium priced segment no longer focus on housing area but on construction quality and living costs. We are a dynamic company and we have noticed these tendencies on several markets where we operate,” said Mindaugas Valuckas, CEO and shareholder of the Hanner Group.
The Park, the developer’s first project in Romania, is located on the southern side of the Tineretului park in Bucharest, between two major subway stations.
Hanner Group is the biggest real estate developer in Lithuania and has a portfolio of around EUR1 billion. Its most significant projects are in Lithuania, Latvia, Russia, Ukraine and Romania and the next targeted markets are Germany and the UK.