Atria Urban Resort concludes Phase III of the project

Atria Urban Resort, real estate complex developed in the north-west area of the Capital, in sector 1, by EVERGENT Investments, in partnership with Cityring Property, announces the completion of Phase III of the project and the launch of the last stage, during which there will be built more than 450 apartments, out of a total of 1,365. The project, whose value is close to EUR 140 million, is to be completed in approximately two years.

“We expect the sale of the apartments in Phase III, which we have just completed, to be completed next year. In our market, the average project development period from the construction phase to the completion of the sale is three years and the residential market in the Capital has favorable prospects. From the data we have analyzed, in terms of transactions, the residential market is approximately EUR 1 billion in sector 1 alone. The figures take into account old and new construction, houses and apartments. That's why we are already thinking about a new investment, so that after the completion of Atria, we can continue with a new residential project," said Liviu Lepădatu, CEO of Cityring Property.

Phase IV is in the stage of obtaining the required approvals and building authorization and will have 457 apartments, the developer anticipating that the works will start in about 6 months. Cityring Property is considering that, after the completion of Phase IV, to start a new real estate project in the same area, on a 6.5-hectare plot of land, on the shores of Lake Străulești.