20 october 2008 | Conarg investeşte în al treilea proiect-CurierulNational

Curierul National (25.09.2008): Conarg invests in the third project in Bucharest 75 million euros
Diana State

The market value of the total amounts to 90 million euros
Prices of apartments, between 60,000 and 200,000 euros

Quadra Place and after sunrise, real estate developer Conarg Real Estate yesterday launched a new residential project, Quadra2, which has invested 75 million euros. Regarding other investment company representatives Conarg Real Estate said that they plan to achieve a real estate project in Ghencea extension.

Quadra2 is the third residential project built by Conarg in Bucharest after Quadra Place and sunrise. Quadra Place has been delivered in full owners in 2007, and the sunrise was sold at the rate of 60%.

By 2010 the company will deliver 850 apartments in the Quadra2
According to officials Conarg Real Estate, Quadra2 complex comprises 850 apartments and is located in the immediate vicinity of the park Polytechnic and residential complex Quadra Place. "Quadra2 was in the vicinity of Cora hypermarket, a commercial center Plaza Mall, Director of Student Complex, near the sports IDM and within minutes Carrefour hypermarket," he said Căzănescu Romeo, director general Conarg Real Estate.
The ensemble has an investment value of 75 million, part of the amount will be finaţată during Raiffesen draft, and the other part of company funds Conarg.

Prices of apartments in the new project starting from 60,000 euros for a studio and can reach almost 200,000 euros for four rooms Dumitraşcu said Beatrice, the representative of CB Richard Ellis Eurisko, the exclusive agent of Quadra2. "They can be expensive 10-15% annually which is 20-30% to completion, has completed Căzănescu.
The areas are 20% lower than in the case of Quadra Place.

The project will be built on a plot of 20,495 square meters and will consist in 4 buildings with 16 sections of the blocks with studios and apartments for two, three or four rooms. Quadra2 is a residential complex structured on 10 and 12 levels with all the ground floor and basements that will shelter parking lots. Teaching the entire ensemble will be between 31 July 2010-31 December 2010. The total area of built residential complex will measure approximately 61,000 square meters. "The areas are 20% lower than in the case of Quadra Place. And construction will start this year when the authorization is approved (it is expected the following day)," he added Căzănescu.
The market value of the project Quadra 2, amounting to 90 million euros, while the sunrise has reached 80 million, and the first draft of the developer was rated at 45 million.

Parent company Conarg SA, company with tradition in the field of industrial and civil buildings, has decided to materialize the experience gained in the implementation of the work of construction and assembly in a complex own project - developing a full set of real estate. To achieve this end and the proper management of the specific activities involved are required developing a strategy and create an organizational and managerial structures suitable for this purpose.
Thus, in 2006 founded the company with limited liability Conarg Real Estate, private company with Romanian capital, with the main shareholder Conarg SA. In addition to this company Conarg SA has received 3 companies.

As regards the property market, the general director Conarg Real Estate said: "It's a delicate situation. I do not think developers will fall in housing prices in November. Developers who have not correctly calculated the prices have to drop what. It is true that we have made reductions in recent months, but people need housing in Bucharest, and the number of 5,000 housing that is expected to deliver year-end, I do not think that will be achieved. And Capital there is a shortage of 165,000 apartments.