- The development value of the new residential projects is EUR 54 million
- Both projects will be featured on InteRoVerse, the showcase of all InteRo real estate properties on Bright Spaces
InteRo Property Development, owned by the Canadian Topolinski investors family, plans a combined EUR 54-million development value in its first premium residential project and a villas complex, respectively, construction works being scheduled for launch in the second half of this year.
The developer’s first premium project, featuring 200 apartments, will be located in an exclusive area in Pajura, Northern Bucharest. InteRo has just finalized the all-equity purchase of a plot, which combined with an adjacent plot it already owned totals 8,000 sqm of land. The project has the Area Town Planning (PUZ) and Urban Certificate (CU) necessary for the issuing of the Building Permit. Construction works are scheduled to begin later this year, in Q4.
“This project will feature next level premium design elements not on the Romanian market at this time,” underlines Michael Topolinski, founder of InteRo. “We believe Romania is ready for further innovation, despite current challenges raising concerns about the constructions market in the medium term. Our Family remains committed and pursues a strong pipeline of upcoming investments in Romania, which we consider to be a solid market for years to come. Moreover, as we grow our portfolio, we intent to consistently use technological innovation to enhance our projects.”
A separate residential project planned by InteRo will feature 28 exclusive Villas on its 17,100 sqm plot in Tunari, North of Bucharest. Construction works are set for kick off this June.
Both new developments will be added to InteRoVerse, the showcase of all InteRo real estate properties using the Bright Spaces digital solution. Last month, the company announced a 5-year partnership with the Romanian prop-tech start up, as a first step in a wider, long-term strategy for the Topolinski family aimed at using technology as a market differentiator within a dynamic and competitive market.
About InteRo Property Development
Established by the Topolinski investor family (father Michael and his three children – Michael, Tyler and Ashton), InteRo Property Development has been present in Romania for more than 15 years, helping to drive the overall growth of the local Real Estate market in terms of standards and mentality.
The developer’s exclusive list of partners includes the Romanian proptech startup Bright Spaces, the international property management company LGM Group, as well as premium brands like Skanska, Lidl, Kaufland, Libra Bank, and private investors and global investment funds from North America, Asia and the nearby countries.
Landmark deals include the 2012 purchase of 78,000 sqm on Progresului for EUR 21 million, where Vulcan Value Center stands today, and the largest transaction of 2019, when they sold half of former Dacia Textile platform to Skanska Property Romania for EUR 23 million to build an office project.
InteRo recently became the first real estate developer in Romania to implement the Bright Spaces digital solution for its entire residential portfolio, currently at 480,000 sqm of total built area (204,000 sqm of office space and 3,080 apartments). As InteRo’s portfolio grows, InteRoVerse will integrate all its projects in the virtual residential world.
The InteRo Property Development portfolio includes innovative and efficiently designed projects aimed at creating high-quality living and working spaces:
- NorthLight Residence. Located in the middle of nature in North-East Bucharest, the project spans 13,000 sqm and includes a total of 110 apartments with an exceptional view of the lake, 4,000-sqm of green spaces, playgrounds and a 320-sqm pool.
- New Confort City. Located in the Southeast of Bucharest, the 280-apartment project will also benefit from a unique, much-needed green area for the community.
- SkyLight Residence. Situated in the central part of the City (Obor area), the 10-hectares mixed-use project will provide upon its completion a total of 100,000 sqm of office space and 270,000 sqm of residential.
- Bucurestii Noi project has been designed as an environmentally-friendly, state-of-the-art technology IT campus that will be developed on a 5.2-hectare plot connected to the Jiului Metro station. As an integrated project, it will consist of 7 office buildings totaling 197,000 sqm (93,000 sqm to be developed by Skanska Property Romania, and the rest by InteRo Property Development).