Local real estate company Grand Development said it is investing over EUR 12 million in the development of Montebello Transylvania Resort, a new project built on a 2.6-hectare mountain meadow near Brasov. The first phase is to be completed in November 2023.

Ionut Nicolescu founded the company after exiting real estate consultant SVN Romania and real estate holding Meta Estate Trust, companies where he was one of the co-founders.

Montebello Transylvania Resort will consist of 47 chalet-style Scandinavian villas with premium amenities, such as jacuzzi, private landscaped gardens, and two private parking spaces.

The company said it is a reconversion project, being developed on a former site of a brick factory abandoned for over 25 years.

“Brasov has become the second largest regional residential market from Romania and is the market that offers the highest investment return in the country, with properties here attracting tourists throughout the year. Brasov’s development potential is huge, and the opening of the International Airport will bring a significant boost on all economic levels, including the tourist one – only two charters flights can occupy the entire five-star hotel capacity in Brasov,” said Ionut Nicolescu, founder Grand Development.

irina.marica@romania-insider.com

(Photo source: the company)