Couple Ion and Mihaela Dragan have sold an 85 ha plot, located 15 km South-West from Bucharest in Mihailesti, for 6.8m euros to Paradise Valley Invest, a company controlled by investors from Cyprus.
The company intends to develop a residential complex, targeting also British and Irish citizens, in a project that will cost an estimated 75 million euros to develop.
"The project entails the construction of an estate with over 900 villas. By the end of this month, we intend to complete the infrastructure work and begin constructing the villas. The project will be developed in several phases and will be completed in 2011," Akis Pierides, the general manager of the company, told ZIARUL FINANCIAR.
This is the first Romanian real estate project for Paradise Valley Invest, which carries out operations in Cyprus, Greece and Great Britain.
The construction of the villas will cost some 55 million euros, with additional costs including infrastructure work and the development of the necessary facilities, as well as stores and restaurants, estimated at 13m euros, and also the price of the plot of land.
Paradise Valley Invest purchased the 855,000 square metre plot with its own resources, while financing necessary for the development will be derived from bank loans as well as being self-financed, adds Akis Pierides.
The developer is targeting Romanian families with an average income. Paradise Valley Invest has worked with the real estate company, Levidia, which operates in Great Britain and Ireland.
"We intend to sell at least 50 villas to British and Irish citizens, by the end of October," stated Katalin Vinkler, managing partner at Levidia. "The clients are interested in investing in countries which are still non-EU members, in off-plan projects, as prices tend to be very favourable," stated Vinkler.
Villas with a wooden structure st
