Redport Capital announces new 13 million EUR investmenthttps://brec.ro/wp-content/uploads/2024/05/The-Level-Apartments-Phase-3_-ext1-002.png1133600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/05/The-Level-Apartments-Phase-3_-ext1-002.png
Redport Capital announces new 13 million EUR investment
22.05.2024
Romanian real estate developer Redport Capital announces construction start for the third phase of The Level project: adding another 105 apartments to this modern residential neighborhood.
The third phase of the project located in the North of Bucharest, in the immediate vicinity of the OMV-Petrom headquarters, will cover an above-ground build surface of approximately 10,000 sqm. By the end of 2025, the project will offer another 105 units: studio, two-, three- and four-room apartments, of which more than 70% are already pre-contracted. The compound will have 136 underground and above-ground parking spaces and over 300 sqm of retail spaces, which will serve both future residents and other residents of the neighborhood.
Cosmin Savu – Cristescu
CEO, Redport Capital
“This ambitious project, initiated in 2017, reflects our confidence in the potential of the Străulești area. The Level Apartments III represents a new chapter in the project’s story, bringing significant technological improvements and reinforcing our commitment to sustainability, while providing easy access to modern amenities.”
The value of the investment in Phase III exceeds 13 million EUR, which will be financed from own funds and bank financing approved by First Bank, the latter covering 8,700,000 EUR, of which 1 million EUR are dedicated to the credit line for VAT.
2024 Trends with Cosmin-Savu Cristescu, Redport Capitalhttps://brec.ro/wp-content/uploads/2024/02/Cosmin-Savu-Cristescu-Managing-Director-al-Redport-Capital-1-scaled.jpg804600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/02/Cosmin-Savu-Cristescu-Managing-Director-al-Redport-Capital-1-scaled.jpg
What are the main challenges & opportunities for the residential market in 2024?
“The residential market has continuous challenges which will result in showcasing the top players and will weed out those with less attractive projects. These challenges encompass various factors, ranging from the commitment to quality up to adherence at international standards.
One of the major challenges that the real estate market has faced in recent years is the issue of sustainability, improving energy efficiency, and reducing carbon footprint all together. Concerns about climate change and its impact on our lives have led to international regulations and requirements imposed on everyone wishing to operate in this domain. Within our company, we place great importance on these aspects, and such requirements are reflected in the projects we develop; for example, in Phase III of The Level Apartments, we will introduce photovoltaic and solar panels as a novelty element.
Another challenge arises from technological development and artificial intelligence, which have an increasingly significant influence on the final product. It’s extremely important to be in line with this evolution to ensure that our product is well-understood and attractive to the public.
All these challenges can easily be transformed into opportunities for those who know how to incorporate them correctly and systematically into the development process. Moreover, Romania has increasingly become an attraction for foreign investors due to competitive operational costs, easy access to markets in Central and Eastern Europe, infrastructure in continuous development, and a highly active entrepreneurial community. All these factors represent opportunities for the local residential market in 2024, ensuring steady and sustainable growth.”
What are the company’s business targets for 2024?
“One primary objective we have set for 2024 is the digital transformation of our company. To this end, we have already initiated an extensive digitalization process across all our operations, marking a crucial step towards enhancing efficiency and aligning with the demands of the modern market.
As for the interest shown by clients in Redport Capital projects, we are optimistic about the future, as demonstrated by the pre-sale of over 70% of the units in Phase III of The Level Apartments, two years ahead of the construction completion. Nevertheless, a continuous objective of the company is to consistently improve our product, and we allocate all necessary resources to continue offering fair pricing in relation to quality.”
What were the main business results for 2023 – in terms of apartments sold?
“In the dynamic landscape of real estate development, 2023 proved to be a year of significant accomplishments for Redport Capital, starting with the successful completion and full delivery of Phase II of The Level Apartments project.
Furthermore, our strategic collaboration with the esteemed architectural firm Design International led to the unveiling of the visionary concept design for Infinity Nord. Positioned as one of Bucharest’s most ambitious urban regeneration projects, we are committed to redefine the city landscape and elevate standards of modern living.
In terms of market performance, 2023 witnessed a remarkable achievement with over 200 sale and pre-sale contracts secured for both Phase II and Phase III of The Level Apartments, alongside with the Phase I of Infinity Nord project. This achievement not only reflects our company’s robust market presence but also sets a new benchmark for future projects.”
