Sema New Project works to begin in December arenaconstruct.ro, November 2014

Businessman Ion Radulea resumed mixed-development project on the former industrial site Semanatoarea in Bucharest. Assembly, called Sema New Project, will include offices, retail, apartments and a hotel. The total investment was estimated at 600-700 million.

 
Whereas the possibility of attracting funding are limited, the investment will be implemented in stages. "Within 4-5 years we are to achieve 100,000 square feet of office space," said Ion Radulea. Work on the first phase, comprising two Class A office buildings will start within one to two weeks, said Razvan Gaita, General Sema New Project, the company that will develop the project.

 
The investment in the first phase amounts to 10-12 million euros and is still supported by own sources. Office spaces will result in the conversion of former industrial buildings.

 
The first office building, Office 3, will be delivered by the middle of next year. This will have a lettable area of ​​14,000 square meters, disposed on ground floor and first floor.

 
The second building, Office 4, will include 28,000 square meters on the ground floor + floor + first floor withdrawn.

 
The rent for office space will start from 12 euros per square meter per month, says Mr Gaita.

 
Ensemble office, located on Independence Splaiul will benefit from easy access to downtown and proximity Petrache Poenaru subway station. In perspective, the area's infrastructure will continue to grow by building Overpass Road overpass Virtue, the Bucharest-Pitesti highway.

 
Next year will be launched residential component

 
The next step in the development of real estate project consists in launching residential component, planned for next year. This will include around 1,200 apartments. The design has already reached an advanced level. Housing price will exceed the threshold of 1,000 euros per square meter, the product will compete with small residential house in the capital, which is now selling at 1,300 euros per square meter, explained Mr. Radulea.

 
Construction will begin commercial area in 5 years

 
Within 5 years, immediately after completion of phase offices, is expected to start work and retail area, conceived as a "shopping village", not as a commercial center "classic". Thus, this phase will include four buildings, which will have ground floor and first floor of approximately 100,000 square feet of retail space. Above them will be achieved office and homes.

 
Starting retail component will be possible only after the completion of the previous phase of offices, which will allow the project to continue obtaining the necessary refinancing. Another option would be taken into account sale of new office buildings, adds Mr Radulea.