Stejarii is being promoted by its owners as the ultimate luxury residential complex in Romania from every perspective: location, architecture, services, and buyers.
The project is developed in the middle of the Baneasa forest in the Northern part of Bucharest on a 10-hectare plot, and will eventually comprise 535 apartments in four-storey blocks, when completed.
The complex will include two exclusive restaurants, a club, five tennis courts, four bowling alleys, two swimming pools, a spa facility and a kindergarten.
The apartment prices that start from 340,000 euros plus VAT (for two room-apartments) and can reach 1.8 million euros plus VAT for 600 square-metre penthouse apartments. The first 286 apartments will be delivered to their owners at the beginning of summer 2009.
"I bought an apartment here myself, but the first buyer was my father, followed by his friends and people he works with. We have had instances of investment funds interested in buying several homes, but we have declined their offers; on the one hand, because we want to choose our clients and, on the other hand, we don't want the apartments to be bought 'in bulk' and then resold at a higher price. We are aware of the speculative trend on the real estate market, but we do not favour these types of transactions, we try to preserve a high standard in terms of the quality of our clients," said Ion Alexandru Tiriac, son of businessman Ion Tiriac, owner of the complex.
Alexandru Tiriac is a representative for several of the group's businesses, among which real estate operations and businesses in the automotive industry.
The club will be opened shortly after the completion of the first 286 apartments, while the second development stage of the project entails the construction of another 250 apartments, in five-storey blocks.
Alexandru Tiriac rules out selling the project, which has a market value of over 230 billion euros, to another company, and adds that in order to select clients, the group has the possibility of buying back the apartments in case they are resold.
In order to have their clients spend as much time as possible within the complex, the developers will bring into it foreign restaurant operators (Do & Co), spa operators (Shiseido) and French hairdressing services.
"The concept we will use is an all inclusive one," explained Tiriac Jr.
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