Atria Urban Resort, the residential real estate complex developed in the north-western area of Bucharest by Evergent Investments in partnership with Cityring Property, announced the completion of Phase III and the launch of the final stage, during which over 450 apartments will be constructed, out of a total of 1,365. The project's total value will reach EUR 140 million and is expected to be completed in about two years.

The project's third phase has a total area of over 22,800 square meters, of which 5,750 square meters are exclusively designated for green spaces. The 350 apartments feature various designs and layouts: studios of up to 47 square meters, as well as 2, 3, and 4-room apartments with private gardens, balconies, or spacious terraces. 

The market value of Phase III is estimated at approximately EUR 40 million.

Starting from the third phase, all buildings align with nZEB energy efficiency standards, the developer said. To this end, 292 solar panels have been installed to produce energy for heating water and help optimize utility costs for future residents. Additionally, each apartment is equipped with a heat recovery ventilation system, and the windows and exterior walls have high thermal insulation levels.

All parking spaces have conduits to install future electric vehicle charging stations. 

Currently, Atria is in the authorization stage for Phase IV, the final phase of the real estate project, consisting of over 450 apartments.

Liviu Lepădatu, the entrepreneur behind Atria Urban Resort's concept, is considering a future real estate project and has begun exploring viable international housing models and concepts suitable for the Romanian market, according to the press release.

"We expect the sale of apartments in Phase III, which we have just completed, to conclude next year. In our market, the average duration from the construction phase to the completion of sales is about three years, and the residential market in Bucharest has favorable prospects. From the data we've analyzed, in terms of transactions, the residential market weighs in at approximately EUR 1 billion in District 1 alone. These figures account for both old and new constructions, homes, and apartments. Therefore, we are already thinking about a new investment so that after completing Atria, we will continue with a new residential project," stated Liviu Lepădatu, CEO of Cityring Property, developer of the Atria Urban Resort project.

Cityring Property is considering launching a new real estate project in the same area on a 6.5-hectare plot of land on the shores of Lake Străulești after completing Phase IV. The difference between the two projects will be that the new complex will most likely include a mix of buildings intended for both sale and rental. The project will probably start sometime in 2027.

irina.marica@romania-insider.com

(Photo source: the company)