Romanian real estate developer Hagag Development Europe has acquired a residential project in eastern Bucharest.
The project, formerly known as Obor Est Residence, was located on the site of a former industrial area called Izolatorul. Hagag has given the project a new name – H East Residence – and made improvements to its design concept.
H East Residence is currently under construction on over 17,500 m2 of land and targets mid-range buyers. The first phase of construction is nearing completion on the building structures. This phase will include three 11-story buildings and one 6-story building, offering a total of 273 apartments. These buildings will also have 380 parking spaces and 2,000 m2 of modern commercial space. The first phase is expected to be finished by the end of 2025.
Upon completion, the entire H East Residence complex will include seven residential buildings with a total of 568 apartments. These apartments will range from studios to three-bedroom units. There will be ample parking with 824 underground and above-ground spaces. The complex will also feature over 5,000 m2 of commercial space, along with 5,200 m2 of green areas, charging stations for electric vehicles, a playground, and various access roads. The surrounding area also offers additional amenities.
Yitzhak Hagag, co-founder and chairman of the Board of Hagag Development Europe, said: ‘We are delighted to announce this new addition to our local portfolio and very happy to expand our residential offer with more than 500 new residential units. Likewise, we are talking about an area that has seen significant evolution in terms of demand over the past three years. At the same time, we are talking about an area where the existing housing stock is predominantly obsolete.’
The general contractor is BTDConstruct & Ambient, and the project management is provided by Vitalis Consulting.
