Construction begins on 5m-euro apartments near Alba Iuliei Square

Real estate developer German Quality Solution has started work on a 40-home residential complex near Bucharest's Alba Iuliei Square, with investments worth 4.7 million euros, announced the real estate consulting company Regatta, the project's agent. The complex, called Speranta Residence, comprises studios, as well as two and three-room apartments, with prices starting from 1,550 euros per square metre (plus VAT) while parking spots cost 15,000 euros (plus VAT). The general contractor is Total Confort, with the construction works expected to end in spring 2009. The project is co-financed through a credit taken out from Alpha Bank Romania. The project's structure includes an underground level, a ground level and three floors, Regatta added.