Cluj-based developer Ceda Imobiliare will begin an around 5 million euro investment at the end of this year in building a residential district to be called the "American Village".
Construction of the complex will start in March 2006, with the project scheduled for completion within three years at most. The complex, which will cover an area of 40,000 square metres and will initially include 27 condominium-type apartments. It will subsequently be expanded to include 45 family-type houses. "The project includes several stages, and will end with the construction of a closed town that will represent a new form of community with its own living, behavioural and leisure rules and standards.
"For the first stage we already have all the necessary approvals and will start development on the plot of land in two months at the latest," Sorin David, Ceda Imobiliare chairman, told ZF Transilvania.
He said the first six apartments would be built by early July 2006, with the rest to be ready in late 2006. According to David, the first phase of the project will involve the investment of around 1.5 million euros, which will come both from the company''s own resources and a bank loan.
The 27 apartments will have 2 or 3 rooms. The 2-room apartments, of which there will be 9 in total, will have an area of 64 square metres, with a garage and a terrace of 47 square metres, and will go on sale for 70,000 euros plus VAT.
The 3-room apartments (18) will each have an area of 90-94 square metres, plus garage and a 74 square-metre terrace and will be sold for around 100,000 euros plus VAT.
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