Hercesa to invest five million Euro in Vivenda's third phase

2015-06-08 21:58:44 - From the Print Edition

Spanish-based Hercesa, the real estate developer that has invested more than 150 million Euro in Romania so far in land purchases, the Cismigiu Hotel refurbishment and in the development of the Vivenda residential compound, plans to start construction works for Vivenda′s third phase in August-September this year. The new investment will count 132 apartments divided in two blocks and its value will rise to five million Euro. "The lack of new offers and the increase in demand makes the market conditions propitious for new developments," Mauricio Mesa Gomez, general director of Hercesa Romania, tells The Diplomat – Bucharest. "We are aiming to start construction of a new phase somewhere in August-September of this year. We will start with one block of 66 apartments and then, after six months, another one identical with another 66 apartments. The buildings will be finished in one year from the start of the development." The project of Vivenda Residence started in 2007 and so far the first two phases are complete, comprising 420 apartments. In early May, the occupancy rate stood at 99 per cent. Hercesa is present in Romania since 2004. For more information regarding Hercesa′s business and the way its general manager describes the current residential market, read the full article in the Residential Market Outlook feature.