South Pacific Group, an Australian-owned real estate development firm, which owns 50-60 hectares of land in small towns close to the northern part of Bucharest, plans to develop real estate projects exceeding 100 million euros over the next couple of years.
South Pacific Group is currently developing four residential projects in the Tunari area in the northern part of Bucharest, where it owns approximately 10 hectares of land and intends to build 550 homes.
"We noticed the growth potential of the Pipera area, where the properties almost doubled in value every year, becoming unaffordable for middle class buyers. We looked at a second area, Tunari, located 12 kilometres from the city centre and close to an area of Bucharest that has generous job offers," said Andrew Prelea, joint CEO of the company.
South Pacific Group is controlled by businessmen Richard Gardner, Geroge Prelea and Andrew Prelea, it employs 50 people, among whom five Australians, including the companyes managers. Andrew Perelea, 39, who was born in Romania, has dual citizenship.
The main areas where South Pacific Group purchased plots of land are Tunari, Runcu, Dascalu, Dimieni and Otopeni.
"We intend to develop a large project in Dascalu, on a 10 hectare-plot, as we are encouraged by the future construction of the highway to Ploiesti, in the region. The construction works may start in the first half of next year and the real estate project will comprise retail areas, covering 15,000 square metres, as well as 600 housing units. The investment is estimated at around 60 million euros," stated Prelea.
At the moment, the South Pacific Group is focusing on the developments in the Tunari area, where the company is building four residential complexes. Each of the residential complexes in Tunari is named after a city in Australia, the latest project being named Canberra. @N
