Real estate developing firm SKV Properties, owned by Romanian entrepreneurs Ciprian and Cristina Anghel, started the construction of a luxury residential project near Herastrau park, which will require a EUR 30 million investment, according to Mediafax.

“This is the largest luxury project developed after 2008,” said Andreea Comsa, managing director of Premier Estate, the real estate firm which promotes the project.

The project is called Gafencu and will have 11 levels, which makes it the tallest residential building in the area. The compound will have a total surface of 35,000 sqm divided into 110 apartments and 175 parking spots, as well as a SPA center, pool, fitness center, children’s playing ground and security.

Prices for apartments in the compound start from EUR 139,000 (VAT included) for an 83-sqm, two-room apartment, and go up to as much as EUR 700,000 for a 311-sqm, four-room apartment at the upper levels.

Private investments in new residential projects have shown some recovery in recent months. Only last week, four new residential projects with an estimated value of EUR 100 million were unveiled in the tIMOn real estate fair in Bucharest.

editor@romania-insider.com