A 5 million euro investment will be made by a Spanish company and a Romanian businessman in a residential project in the Popa Nan area of Bucharest. Construction on the Popa Nan 21 project began last autumn, with the partnership aiming to build 56 apartments in total.
The project will be built in two stages, the first involving the consolidation and modernization of a five-story historic building, which will house 32 residences, including studios, 2, 3, and 4-room apartments, and 2-room duplexes. The first phase is expected to be completed in May 2015. In the second phase, the goal is to construct a new building, which will bring the total investment to over 5 million euros and will total 56 apartments over a total area of 6,000 square meters.
“We started the project’s communication campaign this month, and the feedback is very good. Most of those who visited the project expressed interest in continuing discussions. At this moment, more than 10 apartments are already pre-contracted,” stated Razvan Ivanica, who is developing this project together with the firm Imomadrid, the owner of the 1,862-square-meter land.
This partnership plans to launch other projects in Bucharest in the near future, such as a 3 million euro investment in a building with approximately 3,200 square meters on Jean Louis Calderon Street or an 8 million euro investment in an 8-story building with an area of 8,000 square meters in the Tineretului area.
Frequently Asked Questions
Where is the Popa Nan 21 project located?
The project is located in the Popa Nan area of Bucharest, on a 1,862-square-meter plot of land.
What types of units are available in the first phase?
The first phase features 32 units, including studios, 2 to 4-room apartments, and 2-room duplexes.
Who are the developers behind this investment?
The project is a joint venture between the Spanish company Imomadrid and Romanian businessman Razvan Ivanica.