Real estate developer Adama, controlled by Immofinanz Group, recently started the construction of Evocasa Serenia, a 77-unit residential project in Bucharest’s Berceni neighborhood.

The project requires an investment of EUR 3 million, with money coming from company’s funds.

Work started in March this year and should finish within a period of 12 months, according to a statement of the company.

The project provides a 10-storey building with 77 studios and 2 and 3-room apartments.

The general contractor of the work is Romanian PlastROM while Vitalis Consulting takes care of the project management.

“The residential sector in Romania is one of the most important aims on the company’s local developments radar as this submarket gradually faces an ascending trend, whilst the housing offer targeting the middle-class customers is insufficiently covered. Starting with January 2014, we have initiated a thorough analysis of Immofinanz and Adama common plot portfolio in order to establish the most appropriate destination for each land and the Berceni plot is the first one to get developed consequently to this analysis”, says Laszlo Csiki, CEO of Adama Group.

Surfaces vary from 36 sqm usable area for a studio to up to 63 sqm usable area for a 3-room apartment. Prices start at EUR 39,900 (VAT included).

This new development takes Adama’s post-crisis investments close to EUR 20 million, entirely allotted from private funds. The project in Berceni area is the company's third investment in recent years. It comes after the second development stages of Edenia Titan and Evocasa Optima in Bucharest (210 units and a EUR 14.1 million total investment) and the last development phase of Copou Bellevue in Iasi (50 units and EUR 1.7 million investment).

Adama is a real estate developer active in Romania, Moldova, Ukraine and Turkey.

Irina Popescu, irina.popescu@romania-insider.com