Greek-held Quality Living Developers, the company behind the Green Lake project in Bucharest, has eight residential projects in its portfolio with overall investments worth 340 million euros.
The company has already acquired its first plots outside Bucharest, in Constanta and Brasov, where it intends to develop a residential complex and an office building.
"Things have moved a little faster than we expected in Bucharest, which is why we are involved in projects on the provincial market, and last year purchased plots in Brasov and Constanta. We think house prices will continue to rise in the capital, but at much smaller rates, of 10-15% a year," Nick Stathakis, the company's CEO, told ZF.
QLD is controlled by five Greek businessmen, who took over the properties and projects started on the local market by Technical Olympic group, which now exclusively focuses on public works. One of these controlling businessmen is Andreas Stengos, who is a shareholder in both companies.
QLD currently has eight plots in Romania - the provincial projects will include 37 apartments in Constanta and an office building with 12,000 square metres of lettable space in Brasov.
However, the company's most important projects remain in Bucharest, where QLD expects to deliver the first stage of the Green Lake project by the end of the year, which involves the completion of 160 pre-purchased homes. The project, developed on the shore of Grivita lake, will include over 600 villas and apartments, whilst the second development stage is scheduled for completion in 2010.
"We have noticed an increase in Romanians' wages, which recently leapt by 40% against last year. We are additionally relying on the growth of the banking sector, which will be the scene of a fierce battle over market shares, where mortgage loans are an important product for banks," added Stathakis.
The apartments built by QLD target buyers with average or above-average incomes, whilst the prices at Green Lake stand at 2,400 euros/square metre plus VAT (terraces excluded).
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