Operational in the real estate market since 1997, Axa group has now two residential projects under management: Saphire Residence, which will be delivered at year end and Ambra Residence, where the construction works will begin in spring. How is it holding up in these stormy times? “Small projects with comprehensive targets”, said Anca Otobicu, executive director at Axa Estate Studio, the exclusive agent of the group.
“We didn’t seek for large projects, with hundred apartments”
Axa Estate Studio provides real estate advisory and together with Axa Concept (developer and funder of the projects), Atelier Arhitectura AXA (design), AXA Development (general entrepreneur), AXA Interiors (importer of construction materials) and AXA Investment (financial advisory) make up AXA Group.
At the end of this year, Axa Group will deliver Saphire Residence project, a 7.8 million euro investment, located in northern Bucharest, near Herastrau park, that comprises 18 apartments. The group’s plans include the residential compound Ambra Residence, near Baneasa forest and an office building in Obor area.
“We have already received the construction permit and we will start the works in March, the investment amounting about 6.2 mln euros. Still in spring, we plan on commencing an office building to deliver it by end-2010” Anca Otobicu (photo) told Wall-Street.
For the office building, Jasp Business Center, the plan involves an 11.000-sqm gross area, on 11 stories, the investment hovering around16 million euros. The group has already received the construction permit.
As for the moment chosen to start the works, Anca Otobicu says there was no rule than can ensure the success. It always depends on the project. As Anca Otobicu notes, the size and comprehensive targets of the projects were the key-ingredients that helped the company overcome the drawbacks arising
