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Zheng Shi International will invest EUR 200 M in condominiums in the Eastern part of Bucharest

Company Zheng Shi International has informed that they would invest over EUR 200 M into several condominiums in the Eastern part of the Capital, HotNews informs. The company owns Orient Hyperconstruct, a hypermarket for construction and finishing materials.

The first residential condominium from Zheng Shi portfolio, Ideea Residence Dobroesti, is under construction in Fundeni – Dobroesti area, close to Penny XXL supermarket. “Ideea Residence Dobroesti is the first investment, we intend to start the construction of a new condominium this autumn, Ideea Residence Fundeni, which will include over 1,000 flats. Also, the investor, which owns a few thousand hectares of land in the Eastern part of the Capital, intends to develop a new villa condominium in the East of Bucharest,” Managing partner of the real estate company Cityland, Sebastian Leascu said. Ideea Residence Dobroesti will include 108 flats in 10 buildings, out of which seven with underground, ground floor, 4 floors and attic and three buildings that will have underground, two floors and attic. The residential condominium will be developed having foot passenger paths, parking places and green spaces. The construction works started last autumn and they would complete in December 2008. High housing prices reduce the interest of clients The real estate market from the Capital is boiling, in spite of the fact that demand is 30 times over supply, according to Realitatea.net The abnormal high prices made clients stay on abeyance. Specialist surveys indicate that 300,000 new houses are needed in Bucharest, but only 10,000 were built. In addition, the new flats are no s tempting because of the increasingly high prices. On the other side, the old houses have become appealing again once prices dropped by a few percentages. Hence, the completion, in the Capital, of the 2,000 flats whose construction is in progress, was postponed for 2009. Analysts say that only those willing to reduce prices may resume projects. Currently, one – room flat in a new building costs between EUR 60,000 to 90,000. If we speak about flats, then prices amount to EUR hundred thousands. The price boom in the real estate market has also been noted by BNR Governor. Mugur Isarescu has recently asked the notaries to release public the real sale prices. Thus, we would have a transparent market, and prices would not advance unjustified, to the disadvantage of those who want to buy a house. Sursa: http://www.nineoclock.ro

Tags: flats prices zheng construction bucharest eastern bnr