Real estate developer Tagor, which is controlled by Israeli investor Ofer Lieberson, will kick off the construction work on the second phase of the Adora Urban Village residential project in south-western Bucharest. The first 75 apartments that have already been finalised in this project are currently 80% occupied.
Only 15 apartments are still available for sale in the complex. “The current level of sales allows the further development of the complex with the second stage, which involves the construction of two buildings with 80 apartments,” reads a company statement.
Tagor has been developing this project in partnership with British investment fund Patron Capital, on a 3.9-hectare plot located close to Bucharest’s ring road. Adora Urban Village comprises 12 buildings, with a total of 550 apartments. It will also include car parking, recreational areas, a park, playground for children, and a fitness area.
The total investment in this project is about EUR 35 million. The first two buildings have already been completed, totaling 75 apartments.
Tagor started developing the Adora Urban Village project in 2013. Last year, the company launched two other residential projects in western Romania: Adora Park in Arad and Adora Forest in Timisoara. These projects will have about 2,700 apartments together. This year, Tagor also started working on another residential project in northern Bucharest, Adora Pipera, which will have 650 apartments. The first 76 apartments are underway.
The Adora projects are financed by Patron Capital and managed by Tagor.