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Work starts on Pipera Lake

Alex Hayes 08 August 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Work starts on Pipera Lake

ROMANIA Real estate developer Hagag Development has broken ground on its H Pipera Lake development in Bucharest with BTD Construct acting as general contractor. Out of the total number of 390 apartments to be delivered in the first phase, 45 pct have already been sold.

In a total investment estimated at EUR 90 mln the residential projects is to be developed in three construction stages, on a 5.7 ha plot. The first phase will include 5 buildings of 78 apartments each.The apartments will range in size between 55 sqm and 97 sqm. The first stage will be completed by the end of 2020.

"We have decided to invest in Romania because we saw the huge potential of the market and we are convinced that H Pipera Lake will bring added value to the northern part of the city. We are thrilled to start the construction work for the first phase with 45 pct of the units already sold. This percentage is a clear expression of how much interest people have for our project and is also confirms that the market has remained buoyant. Romania continues to be a strategic choice for us and we are planning to add new properties to our local portfolio as well as to announce new projects”, said Yitzhak Hagag, the chairman and board of the Hagag Group.

Eventually, H Pipera Lake will be a lakeshore development with 1,350 apartments in 17 buildings. The ground floor apartments will include private gardens and the development also includes a pharmacy, playgrounds, a mini market and a promenade.

Savills associate Crosspoint is responsible for marketing the apartments.

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