The wholly owned IMMOFINANZ Group subsidiary Adama - the leading residential real estate developer in Romania - officially announces the start of construction on the second phase of two of its existing projects: Edenia Titan and Evocasa Optima. Both are located in the green neighborhood near Titan Park in Bucharest and offer good infrastructure that includes excellent transport connections, shopping centers, recreational facilities and service providers. The total investment costs amount to 14.1 million.
"The Adama brand name is well established in South-Eastern Europe as one of the few reliable developers on the market. The full takeover in November 2011 has created an ideal platform for us to expand our residential construction and development activities in this region and utilize existing land reserves.
"We have already started to integrate the expertise and market know-how of the local management into IMMOFINANZ Group and to realize synergies. Our sound results in Romania prove that we are on the right track. Starting construction works for the second phase of two projects is definitely a good sign, especially in this challenging market environment", commented Daniel Riedl, COO of IMMOFINANZ Group.
Andreas Holler, member of the Executive Committee of Adama Group, stated: "We want to establish a reproducible and profitable quality standard in Romania and SEE. This objective implies an upgrade of our services and an improved vision of our business. Adama is recognized as the leading Romanian residential developer with excellent projects and with the highest level of reliability."
Edenia Titan is Adama's first investment based on the concept of a highly security-oriented neighborhood in the area of the Titan Park in Bucharest. The project comprises six residential buildings that offer a quiet rest area as a contrast to the busy urban surroundings. The first phase of Edenia was completed in 2009 and all 226 apartments in the two buildings have already been sold. The second phase is projected from October 2012 to autumn 2013, and will involve the construction of another 126 apartments - with one, two or three rooms.
Evocasa Optima sets a new standard for the efficient and modular design of affordable flats without compromising functional and aesthetic objectives. The architecture of the buildings combines common areas and a favorable relation of chargeable and usable space. The first phase (83 units) was completed in 2010, and 82% have already been sold. Construction on the second phase is now in progress and will offer another 84 flats (two and three rooms).
Adama has a significant presence in the Titan area with five projects completed and more than 80% sold. In addition, two follow-up phases are underway. Andreas Holler: "We believe in this community, which is rapidly developing into an important second city center. We will create valuable residential units to meet the needs of the market and customers by providing high value at a reasonable price. At the same time we will continue to offer our clients the facilities, environment and lifestyle they are accustomed to receiving from Adama."