Ablon Group to initiate real estate projects in Bucharest's highclass districts

The project will stretch over a 120,000-square meters built surface and will include 1,000 apartments stretching on 72,000 square meters and a 28,000-square meters surface with commercial areas and offices.
The project is estimated to result into revenues of 200 million euros.
Ablon Group invested 9.5 million euros for another land in Pipera, in June, to construct one office building and some 1,000 apartments. The company expects some 120-140 million euros profit once the project is completed.
The Hungarian company bought two lands in Mogosoaia, Ilfov county and Bucharest at the end of 2006, totaling 220,000 square meters. Ablon intends to build residential projects which will include 1,800 apartments and 116 villas.The transaction stood at 15.3 million euros.
Ablon owns some 4,000 lodgings in Romania and 41,000 square meters of commercial areas and offices.The company intends to finalize the projects initiated in Bucharest in five years.
The company is listed on the AIM market, part of the London Stock Exchange, and its portfolio is estimated at almost 600 million euros.

Source: NewsIn