Hercesa Romania initiates construction on the second phase of the Stellaris Residencias project near Bucharest’s Steaua stadium, with 125 apartments available for sale starting April 26, 2024.
According to Romeo Ghica, Operations Manager at Hercesa Romania, the decision to start construction earlier than planned was influenced by the success of the first building, with 80% already sold, predominantly to end-users.
“We started construction works on the second building in Stellaris Residencias two months earlier than initially scheduled, following our success with the first building, which is currently 80% sold, almost 90% of the buyers being end-users ” said Romeo Ghica, Operations Manager at Hercesa Romania. ”Most of the demand still comes for two-room apartments, the only ones in our mix that fall within the 9% VAT ceiling. In the case of the first building of Stellaris Residencias, the two-room apartments were chosen 60% by end-users, while 40% were purchased as an investment. Regarding the sales results we registered so far, one of the success factors is the excellent progress of works on road and public transport infrastructure in the area, an example of a successful partnership between the private environment and local authorities“, added Romeo Ghica.
Demand remains high for two-room apartments, especially those within the 9% VAT threshold. The project benefits from convenient access to public transport, parks, schools, and shopping centers.
Stellaris Residencias includes extensive green spaces, sports courts, and playgrounds exclusively for residents. Additionally, the development features infrastructure improvements such as new streets, a kindergarten, and a school.
With an investment of 59 million euros, the first phase comprises 482 apartments, with the initial building set for completion by the end of 2024. Construction progress stands at 70%, with the second building expected to finish by 2025.
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