Cordia Romania, the residential investment division of Futureal Group, has a 50 million euros investment plan for the next year on the local market, part of a long-term development roadmap. The company aims to deliver about 500 apartment per year on the Bucharest residential market, designed for the medium and medium-high segments.
“Romania will play a key role in the development of Cordia’s operations at regional level”, said Mauricio Mesa Gomez, CEO Cordia Romania and Member of the Board Cordia. “We will focus on achieving a delivery rate of 500 apartments per year to the local market, promoting projects that are specifically tailored to accommodate the expectations of the middle class, by providing a perfect balance between location, architecture and price”.
Cordia Romania is part of Futureal Group, which has so far developed projects worth 1.3 billion euros. The company is investing 1.4 billion euros in new projects, amounting to a portfolio of 2.7 billion euros of developments and assets. Futureal projects focus on office, retail and residential segments. Cordia received international recognition following the development of the Corvin Quarter in Budapest, the largest urban regeneration project in Central and Eastern Europe, with an area of over 22 hectares.
Corvin Quarter is the result of a public-private partnership between Cordia and the City Hall of Budapest, through which a whole insalubrious neighborhood located in the center of the city was rebuilt and transformed into the newest district of the Hungarian capital, populated with large gardens, promenade, shopping centers, restaurants, cafes, residential buildings and offices. Prior to starting the new development, Cordia built social housing for the people from the disadvantaged groups that lived in the area, who were relocated in new apartments.
Parcului20 is the first residential project that marks the implementation of the new Cordia investment plan for the local market, a 40-million-euro investment that will unfold over the course of three years. Parcului20 is located on a 15.000 square meters plot and will feature 469 apartments, available in over 30 different layout versions. The project includes 579 parking spaces, bicycle parking and over 80 storage units.
Parcului20 is to be built in two phases of development. The two buildings have a height of eleven floors and the facades are partially covered with ALUCOBOND® and fully coated with mineral wool cladding, which ensures a well-calculated thermal insulation and contributes to the aesthetics of the ensemble. All apartments are equipped with smart-home systems, developed by one of the market leaders, configured as to ensure control, security and energy savings.
Parcului20 features a private community garden, stretching over 3000 sqm, with trees, perennial plants, relaxation area, yoga garden and exercise area. Outside of the condominium, but less than 100 meters away, there is a green space with playground. A new WorldClass center will be available within a distance of 400 meters.
The first phase of the project consists of 260 units and it will begin by the end of this year, to be delivered in September 2020. The landscaping will be ready upon the delivery of the first phase and the second phase will be built without disturbing the access to the condominium’s facilities. The second phase is to be delivered 8 to 12 months after the completion of the first phase.
Cordia Romania’s primary objective is to become the main regional developer of residential projects and to extend its activity by developing sustainable projects that highlight existing local communities.
Cordia is the residential division of Futureal Group, one of the biggest real estate investors in Central-Eastern Europe. Futureal portfolio includes commercial RE (offices and retail) and residential RE developments of high impact for the market and the community. Cordia received numerous awards and was recognized as one of the most innovative residential developers in the region, based on the successful development of Corvin Quarter, in Budapest. The project stretches on 22 ha and it entailed the reconstruction of an entire neighborhood, located in the center of the Hungarian Capital. This project has triggered economic growth in the area, redefining the impact that a responsible developer could have over the city. Cordia has over 15 years of expertise in developing quality residential projects, in Hungary and Poland, and it is set on elevating Romania as one of their key markets for future investments.