The project is being built on some 130,000 square meters in Pipera, where GML Pipera purchased 55,000 sqm for €10 million. Furthermore, GTC Romania will provide management services for GML, in exchange for five percent of the company's profits in the new residential complex. By edition closing time GTC Romania representatives could not be contacted.
GTC has managed the construction, occupancy and sale of the Europa House and America House office buildings, and is currently administering residential projects Green Dreams Residence and Jasmine Park, as well as commercial projects, such as Galleria Bucharest, and office buildings Aurora Business Park and City Gate.
GTC has a portfolio of 500,000 sqm in finished or ongoing projects in Romania alone, such as America House, which the company estimates will produce some €6.3 million annually from office rental. The company is presently involved in the development of 13 residential, retail and office projects.
The Israeli developer announced investments worth €130 million for 1,300 apartments close to Baneasa forest. The 130,000 sqm FeliCity project will occupy 10 hectares purchased in February 2006 for €12.5 million. Investments planned for Romania for the coming three years are worth some €500 million. The company's Romanian portfolio has a value of some €600 million.
