Real estate investor-developer Hagag Development Europe said that it took over the Obor Est Residence residential project located in eastern Bucharest, on the former Izolatorul industrial platform, and relaunched it under the Hagag brand.

Reintroduced on the market as H East Residence, the project is currently under development on a land plot surpassing 17,500 sqm and will serve the medium market segment.

Once completed, the complex will deliver seven residential buildings and 568 units comprising studios, one, two, and three-bedroom units, serviced by 824 underground and overground parking spaces. 

In addition to the 50,000 sqm built of apartments, H East Residence will display over 5,000 sqm of commercial space and approximately 5,200 sqm of green areas, charging stations for electric vehicles, a playground, and multiple access roads, all complemented by the area’s own facilities.

Yitzhak Hagag, co-founder and chairman of the Board of Hagag Development Europe, said: “It is more than two years now since we have been looking closely at the East part of Bucharest, an area with true potential for residential development. Therefore, we are delighted to announce this new addition to our local portfolio and very happy to expand our residential offer with more than 500 new residential units.”

Phase I, where the construction works on the resistance structure is nearing completion, will deliver three eleven-story buildings and a six-story building with a total of 273 apartments, served by 380 parking spaces and about 2,000 sqm of modern commercial space. Completion is estimated for the end of 2025.

The project’s general contractor is BTDConstruct & Ambient and the project management is provided by Vitalis Consulting.

Hagag Development Europe is a real estate investor-developer specializing in the development of residential and commercial projects in Romania, listed on the Tel-Aviv Stock Exchange.

irina.marica@romania-insider.com

(Photo source: the company)