29 august 2008 | Business Standard-27 august 2008-Conarg a vandut 50% din apartamentele din Titan

Business Standard - 27 august 2008: Conarg sold over 50% of Rasarit de Soare

Conarg Real Estate, developer of the Quadra Place project in Bucharest, sold over 50 percent of Rasarit de Soare real estate project in the capital, which represents over 500 apartments of a total 988.

Sales were lower during the summer, but not worse than last year. We are on schedule in terms of construction, and will finalize the first stage in December 2009,” said Marketing and Sales Manager, Aurelian Nicolae.

The sale process for Rasarit de Soare began in February, and prices have since risen 8 percent. According to Nicolae, one-bedroom apartments were the best sellers. Prices for a studio apartment start at €40,700, while those for one-bedroom apartments begin at €62,600. Two-bedroom apartment prices start at €85,000, while those with three bedrooms begin at €119,000, all excluding VAT. The project is due for completion in June 2010 and will require an investment worth €60 mln.

Nicolae added that Conarg is preparing for the marketing campaign of its third residential complex, located in Bucharest, to be launched in September. The project is called Quadra Place 2 and will include 400 apartments. Conarg will launch a fourth 800-apartment project at the end of this year or in early 2009. “The projects will require an investment of €80-90 million each,” said Nicolae.

Conarg delivered its first residential project in Bucharest last year. Quadra Place has 343 apartments, and the investment was worth €32 million. Conarg’s construction division is involved in the Baneasa project development and also collaborates with British Equest Partners investment fund in commercial and logistics projects in Bucharest and Pitesti. Main competitors on the market are Globe Trade Centre, BSG, and Hercesa. The investment yields on the residential segment are 7-7.5 percent.