Real estate investor-developer Hagag Development Europe receives building permit for phases 2 and 3 of its large-scale residential project H Pipera Lake. The company breaks ground on the five residential buildings representing phase 2, which are expected to be completed in approximately 24 months. 52% of the apartments to be delivered in this phase have already been reserved, respectively pre-contracted.
The development budget for the 11 buildings in phases 2 and 3, and related infrastructure amounts to 113 million euro, bringing the total development cost of H Pipera Lake to over 150 million euro.
“Obtaining the building permit marks an important moment not just for our company, but for the local residential market as well. Particularly nowadays when deliveries for new apartments are proving tight and demand is putting pressure on the already limited supply. H Pipera Lake has demonstrated to be an appealing development ever since phase one, and continues to be a desired address among individuals and families who prefer living in a new residential compound sheltered from the city rush, yet connected to everything that modern life means. We are breaking ground on Phase II with more than half of the units available for sale already reserved, respectively pre-contracted, and we are pleased to confirm that Pipera area is still trending.”, said Andreea Dumitru, Chief Marketing Officer at Hagag Development Europe.
The first retail component of the project is nearing completion, with the delivery of the 1,000 square metres of retail space scheduled for the coming months. A second commercial component that comprises, altogether, approximately 1,400 square metres, will be delivered once buildings H15 and H16 in phase III are completed, as a last stage of this development.
Located in the northern area of Bucharest, on the shore of lake Pipera, with a direct link to Pipera Boulevard and two access ways, H Pipera Lake spreads across a total surface of 55,000 square metres and will comprise, once completed, 16 residential buildings with over 1,400 apartments, 1,740 underground and above-ground parking spaces, more than 18,500 square metres of green space, a lakeside promenade equipped with playgrounds and outdoor fitness area, and 2,400 square metres of commercial space – where the developer aims to attract businesses that can serve basic community needs.
The project complies to the nZEB directive and will feature from photovoltaic panels to electrical vehicles charging points. Residential units range in usable areas from 44 to 80 square metres to which terraces or gardens are added. All ground-level apartments enjoy their own private garden of up to 70 square metres.
