Real estate developer Iridex Group has sold 50% from Grunenpark, a residential compound of 85 apartments with one, two and three bedrooms, located in Drumul Taberei, a neighborhood in West Bucharest.
Construction works are underway for the project consisting in three blocks of flats, the delivery being scheduled for the second quarter of 2018. The total investment of the developer for Grunenpark residential compound reaches 10 million EUR.
“Our strategy was to develop a community in a green area, offering residential units which can assure all the comfort of an urban life: generous apartments in blocks with low height regime, storage boxes and facilities such as a park and a playground for kids”, said Anca Bananteanu, a representative of Iridex Group.
Grunenpark is built in an area of villas, the developer intending to offer an alternative to people who want to live in this area, but cannot afford a house and its maintenance costs.
The demand has mostly come from young families: one niche is represented by clients who were living in rented units and whished for their own properties, while the other is formed by people who wish for a real estate upgrade– change their old apartments with a new, bigger one. The best sold apartments are the two bedrooms units.
All the apartments from Grunenpark are applicable for TVA of 5%. The developer has a promotion until the end of august for one and two bedrooms apartments: 58,731 EUR and 77,820 EUR, the prices including the VAT, under the condition of law. The payment method is a minimum 15% advance, the rest going to be paid at the final signage of the buyer-purchase contract, in the spring to follow.
The company was established in 1990, having over 25 years expertise in construction, real estate development and property management. The portfolio of Iridex comprises of four office buildings, with a total surface of 30,000 sq. m, located North of Bucharest. All the buildings are 100% leased to private, multinational companies and two public institutions. Noticing the comeback of residential market and the growing demand for modern, living space, Iridex Group decided to divest its portfolio and begun in the autumn of 2016 a residential project in Drumul Taberei neighborhood.