Tiriac Imobiliare launches residential complex worth €230 mln

The complex will include 535 luxury apartments, in 23 buildings, and its market value is estimated to be worth €230 million. The project is to be developed on a piece of land extending over 10 hectares. The apartments will have from two to seven rooms, with areas measuring 146-680 sqm. The complex will also include 1,230 parking spaces. According to Tiriac Imobiliare's Marketing Manager, Ruxandra Buca-Chendi, the project will also include an administrative building, for luxury hotel-like services for apartment owners.

The complex is to be finalized in April 2010, with financing obtained through bank loans.

Tiriac Imobiliare has announced investments totaling €1 billion in the next 10 years, in all areas of Bucharest. The company's development plans include two large real estate projects, with residential areas, shopping malls, business centers and hotels in Bucharest and the western city of Timisoara. Furthermore, the company is to develop a complex in the eastern Militari neighborhood of Bucharest, with auto servicing points and showrooms for cars sold by Tiriac Auto, another company part of the businessman's holding.

Tiriac Imobiliare entered the market in 1994 and has invested a total of €270 mln in several real estate projects.