Park Properties, the developer of the SunLake Residence complex on the shores of Lake Fundeni in Bucharest, said it acquired two land plots on the shores of Pipera and Balotesti lakes for new large-scale residential developments. The estimated market value of the two future projects exceeds EUR 40 million. 

The developer is targeting more than 1,000 units of real estate developments over the next few years.

“We have recently acquired a lakeside plot of land in the Pipera area where we intend to develop a residential complex of premium apartments, as well as 20,000 sqm of land on the shore of Lake Balotesti for a future neighbourhood of luxury villas,” said Alexandru Manaila, Managing Partner of Park Properties.

“With the acquisition of the new land and planned developments we will exceed the threshold of 700 housing units and we aim to exceed 1,000 units in Bucharest and near the capital in the coming years,” he added.

Together with the new land acquired, the market value of all Park Properties projects exceeds EUR 100 million.

“Prices for apartments in Romania are still very affordable compared to other European capitals, which is why we expect that the market in Romania will also be aligned with central European levels and prices will increase in the mid- and long-term. That is why we continue to invest in unique properties in Romania, but only if they make sense and the projects are financially viable. To be competitive in the market, the key is to find land with potential and at the right price, where apartments or real estate will sell quickly, regardless of real estate market conditions,” Alexandru Manaila added.

Park Properties has completed and fully sold 10 blocks in central and ultra-central locations in Bucharest.

Its most ambitious project so far is SunLake Residence, a residential complex whose construction started in spring 2022 and which, when completed, will consist of 308 apartments with 2 and 3 rooms, as well as studios or duplex penthouses with 4 and 5 rooms, distributed in three buildings. The project’s market value exceeds EUR 40 million.

irina.marica@romania-insider.com

(Photo source: the company)