Irish developer Black Pearl to deliver 500 homes

Irish property developer Black Pearl, which has up until now spent around 100 million euros on acquiring land in Bucharest and in other cities in Romania, intends to finalise 500 homes on the Romanian market, in Mogosoaia, Ploiesti and Baia Mare. The Irish want to deliver 310 homes this year in Mogosoaia, in Northern Bucharest, with the rest to be built in Ploiesti and Baia Mare. This year's investment plan amounts to over 20 million euros, with half the sum to be secured via a loan taken out from UniCredit. "In March, we will start construction works for the first phase of a residential complex in Mogosoaia, which entails the construction of 310 homes out of a total of 1,200. In three months' time, we will start works in Ploiesti for the first 90 homes and in Baia Mare, for 62 homes," said Michael Bell, Black Pearl chairman. According to the developer, the price of a studio in the project in Mogosoaia will amount to 45,000 euros, while the average price of a two-room apartment will be of around 70,000-110,000 euros, VAT-less.