Sema Parc launches new phase of its office project, business-review.eu, November 2014

Sema Parc group, controlled by businessman Ion Radulea, announced the launching of a new stage of its real estate project in Bucharest, namely two office buildings, Office 3 and Office 4.

The project developed on the site of the former Semanatoarea factory took a five year break after completing the first phase.

“Sema Park is launching Sema New Project, including the intermediary phase Office 3 and Office 4, a new expansive project, capable of redefining Bucharest’s image as a European Capital through a bold and daring vision”, according to Sema Parc’s announcement.

Sema Parc was developed on the former site of Semanatoarea factory on Splaiul Independentei in Grozavesti neighborhood. The project, announced in 2006, was scheduled to be developed over a period of 15 years and include a business park, a residential area with 1,320 apartments, a commercial area type “shopping village”, a hotel and several social buildings including a school and a hospital.

The first phase, two office buildings of 50,000 sq m each, was completed in 2007. The second phase of the project, initially made up of four office buildings and residential spaces, was continued until 2009 when Ion Radulea announced it is trying to find additional sources of financing. Since then, the project was stalled.