Italians plan massive complex near former sports centre

     Italian real estate developer Cefin Real Estate is pouring more than 200 million Euro in two residential projects and a complex comprising a hotel, office building and a conference and retail centre.
     BARBU VACARESCU In office building, the company has bought land in the Barbu Vacarescu area, near the former Cutezatorii sport complex, where it plans to build a multifunctional complex, which will comprise a hotel, an office building and a conference and retail centre.
The project is valued at about 150 million Euro and the hotel will cover 25,000 sqm, the office building 45,000 sqm and the conference and retail centre between 15,000 and 20,000 sqm.
“We will begin work at the beginning of 2007 and we plan to complete the project by 2009,” managing director Cefin Real Estate, George Margescu, tells The Diplomat.
     LACUL HERASTRAU Cefin is now constructing an approximately 50 million Euro residential complex in northern Bucharest near Herastrau Lake.
     This is a 14-storey building with 264 apartments, a service and retail area at the ground floor and a basement. The apartments range from 60 to 110 square metres, at prices not higher than 140,000 Euro. “It addresses young middle class couples that have a monthly income of between 1,000 and 1,500 Euro, therefore can afford a rate of 500 Euro per month,” says Margescu.
     ALEEA ALEXANDRU The Italian company is also building a luxury compound on Aleea Alexandru, in central Bucharest. “We are tearing down a villa to build a block with only seven luxury apartments, each stretching over 200 sqm,” says Margescu. “This is an investment of three million Euro and it’s about to begin.”