Construction to resume on Sema Parc in 2015

by   CIJ News iDesk V
2014-11-20   10:47
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Sema Parc Group, controlled by Ion Radulea, will break ground on a new phase of its massive mixed-use project in Bucharest next year. Sema Park is going up on the former Semanatoarea factory site. The scheme, set to be completed over a 15-year period, will include a business park, a residential area and a commercial zone, with a hotel, school and hospital, on 40 ha. The developer invested €30m in the second phase of the project, which comprised of two office buildings and the first phase of the residential component. After completing the second phase, construction was put on hold for five years while the company looked for ways to finance the rest of the project. The first phase, including two 50,000 sqm office buildings, was completed in 2007. It was bought by CA Immo for €90m. The total cost of the project is expected to hit €1.7bn.