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January 24, 2021
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Cordia Romania starts construction works on Parcului20 phase two

Cordia Romania, member of Futureal Group, has appointed Concelex as general contractor for Parcului20 residential project`s phase two

 

 Cordia Romania, member of Futureal Group, has started construction works on the second phase of Parcului20 residential project in Expoziției area, North Bucharest. The company commissioned the project`s first phase and started the sales for Parcului20 phase two in September 2020.

`We are following our plan of developing quality residential projects in Romania, one of Futureal Group`s key markets in Europe`, says Mauricio Mesa Gomez (photo), country manager Cordia Romania and Spain and member of Cordia`s Board of Directors. `Parcului20 phase one is currently more than 70% sold, we have signed over 30 reservations for apartments in phase two and we have started construction works on the project`s second phase, comprised of 220 apartments destined to the medium-high residential segment. The market outlook is favorable, despite the situation created by the COVID-19 pandemic, as a series of new facilities are implemented by the authorities. One of the most important such facility for the residential segment is the new 5% VAT rule applied for apartments with a price of maximum 140,000 Euro, recently promulgated by Romania`s President, Mr. Klaus Iohannis and which will come into force in January 2021. This amendment to the previous law, which enforced a price ceiling of 100.000 Euro, will enable more people to acquire more spacious and higher quality apartments `

The construction company Concelex, which built Parcului20 phase one, was appointed as general contractor for the project`s second phase, following a tender in which four other construction companies participated.

Parcului20 is among the first smart residential projects in Romania, all its apartments being equipped with integrated state-of-the-art smart home systems. Over 3,000 square meters of private garden, charging stations for electric vehicles, bicycle parking spaces, yoga garden and outdoor equipment for calisthenics are amongst the main differentiators, as the project is designed for livability and energy efficiency.

The total investment for Parcului20 residential project amounts to EUR 40 million euro. In addition, Cordia Romania has an investment plan for developing residential projects on five already acquired land-plots in Central-North Bucharest, generating a 2,000 apartments pipeline on medium term, Moreover, Cordia Romania has an investment budget worth EUR 40 mil. for acquiring land-plots in Bucharest. Thus, Cordia Romania`s total allocated investment budget on medium-term reaches a total of EUR 200 mil.

The investments for further expanding on the Romanian real estate market will be partly financed using funds collected from the bond issuance under the National Bank of Hungary’s Bond Funding for Growth Scheme. Cordia has recently issued a EUR 135 million 7-year bond and a EUR 105 million 10-year bond to fund its international expansion.

Part of Futureal Group`s strategy of increasing its investments throughout Europe, Cordia acquired, nearly 93% of stocks of Polnord residential development company listed on the Warsaw Stock Exchange, a 20% stake in Argo Properties NV, a Dutch company active in the residential rental and large-scale urban renewal business in Germany, and Blackswan Property, a Birmingham-based PRS- (Private Rental Sector) specialist developer. The latest acquisitions increased Cordia’s development land bank to over 14,000 apartments.

 

About Cordia

 

Cordia is one of the largest residential real estate development and investment corporate group in the Central and Eastern European region with a strong and well-known brand and presence in the mid- and mid-to-high segments of the for-sale market in Hungary, in Poland, Romania, while also undertaking a pilot project in Spain. Cordia is also active on the UK market, through Blackswan Property. Cordia Group has a 20 years track record and is proud bearer of multiple international awards, including: “ULI Global Awards for Excellence” from ULI, “Best Mixed-Use Project in Europe” International Property Awards, Bloomberg TV, The New York Times, “Best Purpose-Built Project Worldwide” by International Real Estate Federation (FIABCI)”.

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