Approval was delayed due to changes in Bucharest’s local administration, following local elections in June.
The project, located on a former industrial platform in southwestern Bucharest, is to be launched next spring, according to the company’s Chief Operations Officer (COO), Antonio Zarnescu, for Business Standard. The project was initially scheduled to begin this year.
The company purchased the land in 2006, for some €29 million. The project will include some 2,000 housing units, with the total investment, including the land price, amounting to some €170 million.
Zarnescu said GEA Prasa is currently discussing the acquisition of other plots of land. “We are not only looking for large areas, but for plots suited for building two or three blocks of flats. We are also interested in other segments, besides residential,” he added.
