Hungarian real estate investments company Futureal has bought a 15,000-sqm plot in Northern Bucharest where it wants to build housing worth EUR 32 million.

It paid some EUR 3.7 million for the plot on Poligrafiei boulevard, reports local Ziarul Financiar. Futureal was the only participant in a June 14 bid.

Crosspoint Real Estate brokered the transaction.

The company wants to build 400 apartments in 11-storey high blocks, in two stages. It will start construction work in the first half of 2018, and should deliver the first phase in the first quarter of 2019. It will invest EUR 32 million in the project, said Mauricio Mesa Gomez, general manager of Cordia, Futureal’s division for residential projects.

This would be Futureal’s second residential project in Bucharest, with the first one located in Northern capital as well.

editor@romania-insider.com