The israelian company Barak International will invest 40 mil euros in a residential project in Buftea, said project’spromoter, representatives of Eurometropola. The project situated on the lakeside of Buftea, named Barak Reidence, will be build on land recently purchased ( 37.000 sq m ), for which the developer paid 2 mil euros.
Covering an area of 50.000 sq m, the project will be composed of 300 apartments, 300 sq m commercial places, and an amusement complex with kindergarten, fun place for children’s, swimming pool and spa.
The architecture plans has been designed by NCA Chen Architects Ltd from Israel, under guidance of Romanian team, and the project has been considered in a manner for each apartment to benefit from the view of the lack and forest. The project is addressed to middle class, and the prices begin from 1.000 euro/ sq m.
Construction work, scheduled to start in January 2009 and will be completed in 2011.
Is our first project of this kind in Romania and this will be a symbol for us, that’s why we calculate 3 times any movement before we make a decision” said Ran Azor, the unique shareholder of Barak International.
In 2 years when we will deliver the project, the competition between real-estate developers will be tighter. From our point of view as investors and developers, the future of real-estate market will be development and less speculative investments, said Ran Azor.