Hagag Development Europe takes over residential project in East Bucharest

Real estate investor Hagag Development Europe takes over residential project “Obor Est Residence” located in East Bucharest, on the former “Izolatorul” industrial platform. Following upgrades made to the overall concept and design theme, the company re-launches the project under the Hagag brand.

H East Residence is currently under development on a land plot surpassing 17,500 square metres and will serve the medium market segment.

“It is more than two years now since we are looking closely to the East part of Bucharest, an area with true potential for residential development. Therefore, we are delighted to announce this new addition to our local portfolio and very happy to expand our residential offer with more than 500 new residential units. Likewise, we are talking about an area that has seen, over the past three years, a significant evolution in terms of demand. At the same time, we are talking about an area where the stock of housing units is predominantly obsolete. Therefore, we are confident that H East Residence will bring added-value not only to the people that want to live or invest in a new and modern residential complex in a well-connected location, but also to the area.”, says Yitzhak Hagag, Co-founder, and Chairman of the Board of Hagag Development Europe.

The General Contractor is BTDConstruct & Ambient, and the Project Management is provided by Vitalis Consulting.

Phase I, where the construction works on the resistance structure are nearing completion, will deliver three eleven-storey buildings (2S + G + 10E), and a six-storey (2S + G + 5E) building with a total of 273 apartments, served by 380 parking spaces and about 2,000 square metres of modern commercial space. Completion is estimated for the end of 2025.

Once completed, the complex will deliver seven residential buildings and 568 units comprising studios, one, two and three-bedroom units, serviced by 824 underground and underground parking spaces. In addition to the 50,000 square meters built of apartments, H East Residence will display over 5,000 square meters of commercial space and approximately 5,200 square meters of green areas, charging stations for electric vehicles, a playground, and multiple access roads, all complemented by the area’s own facilities.