Romanian residential real estate developer Adama, a subsidiary of Immofinanz Group, has started construction of the second phase of two of its existing projects: Edenia Titan and Evocasa Optima.
Both are located in near Titan Park in Bucharest and provide infrastructure with strong transport connections, shopping centres, recreational facilities and services.
The total investment costs amount to €14.1m.
“The Adama brand name is well established in south eastern Europe as a reliable developer. The full takeover in November 2011 has created an ideal platform for us to expand our residential construction and development activities in this region and utilise existing land reserves.
“Starting construction works for the second phase of two projects is definitely a good sign, especially in this challenging market environment,” said Daniel Riedl, chief operating officer at Immofinanz.
Edenia Titan is Adama’s first investment based on the concept of a highly security-oriented neighbourhood in the area of the Titan Park in Bucharest. The project comprises six residential buildings.
The first phase of Edenia was completed in 2009 and all 226 apartments in the two buildings have been sold. The second phase is projected from October 2012 to autumn 2013, and will involve the construction of another 126 one-, two- and three-bedroom apartments.
Evocasa Optima’s first phase (83 units) was completed in 2010, and 82% have been sold. Construction of the second phase is now in progress and will provide another 84 flats each with two or three bedrooms.
Adama has a significant presence in the Titan area with five projects completed and more than 80% sold. In addition, two follow-up phases are underway.
“We believe in this community, which is rapidly developing into an important second city centre. We will create valuable residential units to meet the needs of the market and customers by providing high value at a reasonable price,” said Adama Group executive committee member Andreas Holler.
