Gigant Construct, a real estate development company owned by five businessmen from Iceland, plans to start on further construction projects in a prime residential area of Bucharest, according to local reports in the Ziarul Financiar.
Gigant Construct, which has already started on several residential projects in the Titan district in eastern Bucharest, has recently purchased new development sites for a total of €8 million. With an investment of €150 million and control over six projects in the area, Gigant plans to build 1,500 new homes in the district.
Corneliu Serban, Gigant’s general manager, said: “Our original plan was to finalise 1,000 apartments by 2010, but I think we will exceed this target. Our investments continue to focus on the Capital’s 3rd sector and we will not expand into other areas of Bucharest until they are as developed as this one.”
The businessmen who owned Gigant visited Romania and noticed immediately the potential for development in the capital of Bucharest. “I was working in tourism at the time, and, within 4-5 months of giving them [the businessmen] a tour of the city, we started the first project in Bucharest,” explained Serban.
The company’s first project in the company was the Gura Siriului Residence, a complex with 62 housing units. Their second project, Pallady Residence, is now nearing completion and will offer 122 housing units, 80 per cent of which have already been sold.
The third project, Pallady Towers, is the largest project from the company to date and will create 400 new apartments in Bucharest. 50 have been sold already. The average price for apartments in the Towers is €1,300 per square metre, excluding tax.