Riviera Luxury Residence, a new luxury residential project will be completed in Cluj-Napoca, Romania, in early-December this year. Romanian company I&C Transilvania Constructii has invested EUR 10 million in the development of the project which is already one quarter pre-sold, according to real estate consultancy firm Coldwell Banker.

Riviera Luxury Residence is made of 91 apartments with two, three and four rooms. It is currently pending the BREEAM certification, an international system that certifies the green building status in terms of energy efficiency and which promotes the efficient use of resources.

The project includes a wide range of facilities such as an outdoor recreation area, a SPA, an indoor pool, gym and several commercial spaces.

"We've already signed pre-contracts for 25% of the project, which confirms the project’s quality. 2014 has been a good year for the residential market, both nationally and locally," said Ana Maria Burca, managing partner of Coldwell Banker Transilvania, the exclusive agent of Riviera Luxury Residence.

Around 800 new housing units will be completed this year in Cluj-Napoca, nearly three times more than in 2013 when some 300 new residential units were completed, according to an analysis made by real estate consultancy firm Coldwell Banker Affiliates of Romania.

Irina Popescu, irina.popescu@romania-insider.com