Advanced Development real estate developer, which is controlled by Catalin Scripcaru, the former head of Raiffeisen Evolution, is set to develop a 1,000-apartment complex on the banks of Pantelimon lake, in the eastern part of Bucharest. "The project will be developed on a 9-hectare area of land, with investments worth 80-90m euros. We are currently waiting for construction permits and expect to start works in June. We got two investment funds from England and Israel to participate in this project," stated Catalin Scripcaru, managing partner and majority shareholder in Advanced Development.
The firm controlled by Scripcaru owns 20% in Cernica Residential Park project, with the rest of stock held by foreign investors, which include British-based Salamanca Finance firm.
The apartments will cost around 1,500 euros/square metre (VAT included) and are directed at buyers who now live in the southern and eastern areas of Bucharest and "want to stay in the same neighbourhood they grew up in," says Scripcaru.
Advanced Development has started to develop large housing complexes in recent years and has a luxury complex (called Venezuela) in an advanced stage of development close to Piata Victoriei. The company bought five plots of land in Bucharest for housing, office projects and a hotel, and a plot of land in Braila where it plans to build 70 apartments. Catalin Scripcaru has 10 years' experience on the local real estate market.
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