Businessman Florentin Banu, the man behind the Joe wafer brand and supermarket network Artima, will start his third real estate project in Timisoara by the end of this year, which targets the construction of 300-350 apartments.
This project will be the largest conducted so far by Florentin Banu, after the other two projects involving 214 apartments and 165 apartments respectively.
The first residential project of the Timisoara-based businessman will be delivered next month, while the second housing complex is still under construction, which entails an investment worth over 10 million euros.
"The real estate market is experiencing an upward trend, and we intend to continue to invest in this field. All the homes built by us target medium-income buyers, and we want our third project to also focus on this segment," said Florentin Banu.
Banu added in addition to the projects he is currently working on, he intends to acquire more land for fresh real estate investments. "In particular, at the moment land, prices are unjustifiably high on the real estate market, but I believe the market will even out in the coming years. It is expected that the supply/demand ratio will stabilise, and the overall market will enter a period of normality," specified Florentin Banu.
All these real estate projects are conducted via Banuconstruct (a division of the Banuinvest group).
Florentin Banu started investing in real estate in 2006, through a project in Timisoara, worth around 14 million euros. The residential complex, which includes 200 homes in six apartment blocks, is scheduled for completion in May this year, while all units have been sold.
"Next year, we will finalise the second project, having sold 70 homes so far. We estimate everything will be sold before the construction works are completed," added Banu. "Up until now, we have funded all these investments with our own resources, but I think that currently, we are able to collaborate with other developers. Under the circumstances, I do not rule out the possibility that future projects will be co-financed," specified Banu.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
