Caelum Development starts construction works on ParkLake Plaza project in Bucharest (RO)

Irish Investment group - Caelum Development - has started construction works on the ParkLake Plaza project in Titan, Bucharest, Romania. The developer has appointed the well-known companies of Apolodor SRL and Edrasis - C. Psallidas SA to perform the excavation and piling works. Caelum will appoint a General Contractor who will start on site during the currency of the excavation and piling works. Apolodor has entered the on the 25th of October 2011.

The project, for which the build phase is expected to last 2.5 years, comprises of a gross leasable area of 67,000 m² hosting 200 retail units. ParkLake Plaza will create more than 3,000 jobs during peak construction and a further 2,500 jobs in the center after opening.

The location of ParkLake Plaza, is widely regarded to be one of the best suited sites for a shopping center in Romania; with a primary customer catchment of over 450,000 surrounding inhabitants, and extending to a total customer catchment of almost 1.5 million people. The project benefits significantly from the excellent road infrastructure and its immediate proximity to all means of necessary public transportation such as trams, metro and bus services.

ParkLake Plaza is set to deliver an extensive improved lifestyle offering to the city, in the form of leisure facilities such as kids play areas, Cinema City with 16 screens, the massively modern Pure Fitness Center and a large number of outdoor tennis courts, among Cora hypermarket and other International and local retailers.

David Sharkey, the CEO of Caelum Development said: "We believe that this project- with all its advantages and opportunities is going to be one of best projects in Central and Eastern Europe and we are very proud and happy to start the next step of the ParkLake process, which will bring us closer to the great final - opening of this revolutionary concept. Also, we are delighted with the leasing progress and very happy to see that both International and Local Retailers strongly believe in the project and have already secured their location".

Source: Caelum

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