Lithuanian real estate developer Hanner had finalized the first block of flats of its residential compound The Park, near the Tineretului park in Bucharest. This is the first of the four blocks in the project, which will deliver 460 apartments with an investment of EUR 37 million.

The entire project should be done in 2017. So far, the first block was done, featuring 69 apartments and studios, 30% of which have already been sold. Work on the next three buildings has already been started, and a new building should be delivered each year until 2017. The next three blocks will have 130 apartments each.

“The residential market in Romania will enter a new era. The consumer profile has changed in recent years, The average consumers are not that much into the apartment area, as they are into the quality of the construction and the living costs [..],” said Mindaugas Valuckas, CEO and shareholder of Hanner Group.

editor@romania-insider.com

(photo source: Hanner)