Romanian real estate developer Nusco Imobiliara has secured the building permit for the second phase of its Nusco City mixed-use scheme in Bucharest, Romania.
Construction work will begin in Q3 2023 with estimated delivery in Q3 2025.
The second phase will consist of 840 residential units, including one-, two-, three-, and four-room apartments and duplexes, for an estimated investment of over €130 mln.
In the first phase, launched at the end of 2020 and completed in Q2 2023, the company delivered 622 homes.
Michele Nusco, CEO of Nusco Imobiliara, commented: ‘Nusco City is the largest project in our company’s portfolio. Spread over 23 hectares, Nusco City will accommodate 3,000 apartments, parks, green areas, and infrastructure, covering approximately 40% of the entire project area. It will also include educational facilities, dedicated commercial zones, and office spaces – showcasing the true magnitude of this urban regeneration project.’
Bogdan Iliescu, commercial director of Nusco Imobiliara, added: ‘We are happy to be able to start the construction of the second phase of Nusco City, because the demand for these new apartments has been colossal since the pre-sales phase. Moreover, the entire master plan of Nusco City represents over 230,000 m2.’
The urban regeneration project is being developed on the site of a former wood processing complex purchased by the investor.
Romanian construction firm Pedro Construct is the contractor of the project.
