Israeli developer Dimri will invest EUR 55 million to build a residential compound with 1,000 apartments in Ghencea, in western Bucharest.

The company has started the project called Dimri West Tower in 2008, but later stopped it due to the economic crisis, reports local Profit.ro.

In 2006-2007, the developer invested EUR 25 million in a 10.6-ha plot in Ghencea, a 5-ha plot in Pipera, north of Bucharest and another two plots in Ploiesti. The company financed its land acquisition with loans.

The developer decided to resume the investments in 2013 due to the First House program, which has significantly boosted the residential sales in Romania. In 2014, Dimri started the construction of the first apartment building, investing EUR 5 million in the process.

The whole compound, which will cover 4 hectares, will include 11 buildings, each with 95 apartments. The project will also have a shopping center, and the first homes will be due next year.

editor@romania-insider.com