Swiss real estate developer Artemis, which owns five industrial parks near Timisoara (western Romania), bought a two-hectare land plot in the city for developing a housing project.

The cost of the project is estimated at EUR 10 to 15 million, including the value of the land, Ziarul Financiar reported. The complex will have about 800 housing units, along with some commercial spaces.

This would be the first residential project the Swiss group develops on the local market. The group is active in the residential segment in Switzerland.

“It is a project that requires a period of approximately three to four years of preparation. We have started working on the design, will organize an architectural competition, and create a masterplan. Then, we will prepare the projects for the demolition of the existing industrial buildings,” commented Adriana Cioca, manager and development director of Artemis in Romania.

The developer holds so far in Romania five industrial parks totaling 170 hectares, all of them located in Timis county.

editor@romania-insider.com

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