Spanish developer Hercesa will invest EUR 17 million in a residential project located in Western Bucharest, in the Orhideea area, reports local Economica.net.

The company is now trying to obtain all the necessary building permits. It got the urbanism certificate last month and plans to start the construction work in the summer of 2018.

The residential complex will be located on the plot of the former bread factory Spicul. The area is currently witnessing a construction boom, with several office projects shaping up.

Hercesa will build two apartment blocks with 220 apartments. The prices will start from EUR 73,000 plus VAT for the two-room apartments and EUR 110,000 for the three-room apartments.

The Spanish developer acquired the 18,000 sqm plot in 2006 from Romanian investor Ilie Gheorghe with over EUR 10 million. The plans to build a new residential project were postponed due to the economic crisis.

editor@romania-insider.com