In a trend-setting initiative, the UAE-based Fortune Group has unveiled two multi-billion euro real estate developments in Romania.

The commercial launch of the two projects is expected to take place early next year.

Fortune Group, which has investments valued at over Dh7 billion in exclusive commercial and residential projects in Dubai, will develop the two projects jointly with Sadek Architects SRL, which has vast experience in Romania.

The first project will be a waterfront residential cum commercial development located in southern Romania, spread over 6 million sq ft, comprising apartments, a five-star hotel and high-end wellness components. The second project in the north will be an exclusively residential development set amidst golf courses and ski slopes with the Transylvanian mountain range as a backdrop. Significantly, both the projects are located in popular tourist spots in Romania.

Its combined size and cost make the projects the largest commercial venture by a UAE developer in Romania and one of the largest globally, the company said.

Commenting on the project, Syed Mohammad Ali, CEO, Fortune Group, said: “Both our projects will be targeted towards the expatriate community. Many British, French and Italian property buyers have evinced interest in our project, but we are keen on attracting GCC nationals as well. Though Romania remains a rather untapped market, many GCC nationals, including Emiratis, have been buying property in Europe. Romania with its eclectic mix of natural beauty, rich history and a diverse social fabric that reflects the various cultural influences, including the strong Eastern flavour, makes it an ideal choice for investors and buyers across the GCC.

“We were determined to enter the European real estate market with a massive project because for a developer the learning curve is independent of the project’s size. We prefer establishing a strong presence through mega projects in one country rather than announcing insignificant developments all around the world. The decision to invest in Romania was taken after a two-year study of the market conditions in the country,” added  Ali.

Investments by Middle East investors into the European real estate sector touched four billion euros (Dh22 billion) in the middle of 2007 and it is estimated to reach 10 billion euros (Dh55 billion) in 2009-10. Romania’s property market is buoyant and property prices have been rising at an average rate of 25 per cent since 2003. Romanian property is also attracting a large number of overseas investors, he said.
 
Khalid Sadek, CEO and managing director, Sadek Architects SRL, said: “We are delighted to partner with a reputed developer like Fortune Group in its Romanian projects. We are confident that our experience in the local market combined with Fortune Group’s reputation built up in Dubai’s freehold market will inspire trust among investors and home buyers to buy property developed by the new company.”  -TradeArabia News Service