In seven months of sales of the Rose Garden residential development in Bucharest, 500 out of 908 homes have already been sold.First half of investment to be ready for occupancy in 2008.
GTC Romania, a 95% subsidiary of Globe Trade Centre S.A. (GTC), has sold more than 500 of the 908 flats and apartments being built in the Rose Garden residential development in Bucharest. The total value of the Rose Garden homes sold so far is more than EUR 52 m.
Rose Garden is a residential complex being built in the northeastern section of Bucharest, on Colentina Avenue, near the city center and convenient to numerous commercial, service and recreational facilities. With its rich municipal infrastructure and different types of mass transit serving the area around the development (metro, buses, trolleybuses and trams), Rose Garden residents will have an easy commute anywhere in Bucharest.
The development offers a total of 908 apartments and flats in 11 buildings (from 9 to 11 stories). A shopping and service area of some 1500 sq m is also being built as part of the development. Residents will have access to 1100 parking spaces above- and below-ground, numerous green areas for walking, and playgrounds for children. The homes at Rose Garden are varied in order to suit the needs of different types of buyers. Among the options available to buyers is ahigh-standard fitout of their home. Homes being built in the complex range in size from 55 sq m to 145 sq m and include studios, large apartments and penthouses.
Rose Garden is one of four residential investments being carried out by GTC in Bucharest (the others are Felicity, Green Dream Residence and Jasmine Park). By the end of 2009, the company plans to release a total of about 280,000 sq m of residential area onto this market.
GTC has been active on the Romanian market since 1999 via its subsidiary GTC Romania.
The developer holds an impressive portfolio of residential investments in the upper-middle and upper range of the market. Currently, GTC is carrying out 16 investments with a total area of almost 500,000 sq m (the portion owned by GTC, taking into account the company’s share in joint ventures).
Three of the projects – Sasad Resort in Budapest, and Rose Garden and Felicity in Bucharest – are being carried out jointly with RREEF, a fund managed by Deutsche Bank. GTC Hungary and GTC Romania, respectively, hold 50.1% of these companies.
Other projects being carried out currently are:
Poland: Osiedle Konstancja in Warsaw, Ogrody Galileo in Cracow, Rezydencja Parkowa in Poznań, and a housing development on Mikołowska Street in Katowice
Czech Republic: Prague Marina and Green City in Prague
Hungary: River Loft in Budapest
Slovakia: Vinohrady and Park Apartments in Bratislava
Serbia: Park Apartments in BelgradeCroatia: Istria Golf Estate