Four or five years ago, the major commercial projects either announced or in development on the Romanian market were largely non-existent. At present, several extensive projects are announced every year, of which at least one or two actually materialise.
After having tried its hand at the shopping galleries inside the Carrefour complexes in Bucharest and Brasov, advisory firm Euro Mediterranee Consulting & Trading SRL (ECMT) is working on several projects for major shopping centres in Bucharest, each of which worth in the range of tens of millions of euros.
The closest to becoming a reality is Baneasa Mall, a mall-type complex located in northern Bucharest, which will involve approximately 35 million euro investments.
"Baneasa Mall is the first project EMCT develops on its own. Whereas the shopping galleries were projects developed for clients (the French Carrefour group i.e.), Baneasa Mall is a project wherein EMCT is an investor, as well," company sources told Ziarul Financiar.
They added the plot of land for this project had been secured, and the construction works were due to begin next year, with the opening set for 2006. Investments in this project will be, EMCT representatives say, both self-funded and paid for with loans. The company is now in talks with "several banking groups" in view of funding.
The Mall will be built in close proximity to the National Road 1 linking Bucharest and Ploiesti, near the Baneasa Airport to be precise, with UK's Chapman Taylor hired as the architect of the building.
Baneasa Mall will take up 105,000 sqm and will comprise 150 stores, EMCT says, as well as 3,000 sqm for restaurants and 4,000 sqm for leisure facilities. Last but not least, Baneasa Mall will have a car park that can accommodate more than 2,200 vehicles and a 15 hall multiplex cinema.
