“Estoria City is one of the largest urban reconversion projects in Romania that reclaims a former industrial site for the benefit of the city and its citizens. We believe that its development is the next big thing happening in Bucharest as it expands” – Cristian Hiver, Development Director, Estoria City.
The first measures that our company has taken were aimed at employee safety. We decided that those who can carry out their work from home should do this as soon as possible. We have limited social interactions and we have adapted quickly by using various tools that allow us to be in contact with colleagues and ensure a productive workflow during this period. If the presence was mandatory, we took all necessary hygiene and distancing measures. To protect workers on construction sites we took additional measures, including constant monitoring and strict rules of access and sanitation.
What is the status of your current project(s) and investments planned for 2020-2021?
We will continue working on site respecting all preventive and hygienic measures. As it is a complex project, it will be developed in several phases that will finalize in the construction of 1,200 apartments, about 50,000 sqm of office space, over 40,000 sqm of commercial space, 3,000 sqm of parking spaces and 25,000 sqm of green spaces. The investments will be significant in order to achieve creating a new business, commercial and residential hub in this less exploited area of Bucharest. In the next two months, Leroy Merlin, Kaufland and Lidl stores will open their doors. We will also start the construction of the first residential building, the commercial gallery and the hotel.
Which are the advantages of your business and products, going forward? What are your expectations from the public sector, state projects to support future business?
Estoria City is one of the largest urban reconversion projects in Romania that reclaims a former industrial site for the benefit of the city and its citizens. We believe that its development is the next big thing happening in Bucharest as it expands the city with a district that offers office, residential and retail spaces along with valuable add-ons such as communal connection areas, green zones and community projects.
We are experiencing a shifting period where sustainable development becomes the best option for going forward. That’s why we focus on creating an eco-friendly environment for sustainable living.
For a rapid recovery of the residential market, the government should consider extending the VAT of 5%, which currently applies to the amount of 450,000 lei, a low value that no longer helps the final buyer.
What transformations you expect in your sector, their effects for the Romanian economy and in a regional perspective?
The world is changing and companies are redefining their policies, processes and infrastructure. Although more and more people are working remotely, we believe that the demand for traditional offices will remain constant, but it is likely to suffer in the short term. Companies are concerned about health issues and this will lead to a greater prudence in decision-making. This period has also made the potential customer more attentive when choosing their home or future residential investment. People will look for more exterior space than before and that will create a change in the demand of products: houses instead of apartments or apartments with terraces. It is also possible that they will look for places where they can clearly identify a space suitable for working from home.
What is your message to clients and partners?
We believe that everything will recover relatively quickly and we will start over with a new normality to which we will all adapt. We are entering a period of solvency, flexibility and trust, where open and active communication with all customers and partners is essential.
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An article published in the exclusive supplement – “Market pulse report, Romania – The new normal” | June 2020
A property market tour, including major cities, with projects status and updated opportunities at the end of the lockdown in Romania – June 2020. | Essential news with the current status of further investments, clients and partners relations, new priorities for the post crisis cycle. | B2B communication report – to help you mark your statements during the changes period.
Content partner: Crosspoint
Partners: CA IMMO, CATTED Business Park, Cluj Business Campus, Vox Property Group
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