Local developer Impact has acquired a land plot of over 4,200 sqm last week to provide the third access road in the Greenfield residential project it has developed in Baneasa, in northern Bucharest.

The investment amounted to EUR 700,000, reports local Economica.net.

Impact wants to build a 200-meter road that will connect the Teisani Alley to the Bucharest bypass. The total investment in this new road amounts to EUR 1 million, including the design and execution.

At the beginning of this month, the developer announced another investment of EUR 500,000 in two access roads to the neighborhood. The company had to find new access solutions after a forest road used by Greenfield residents was closed and 5,000 people were left with only one access road to the capital, which has led to traffic jams and made the residents very unhappy.

Greenfield is one of the biggest residential projects developed in Romania in the last 25 years. Impact, the company that developed the project, was founded in 1991 by local investor Dan Ioan Popp and has built 16 residential complexes in Romania. In 2013, local investor Gheorghe Iaciu bought 49.48% of the company, which was in financial distress after the crisis, and managed to bring it back to profit.

Last year, Impact sold houses worth some EUR 32 million and made a net profit of EUR 6.4 million.

editor@romania-insider.com