ROMANIA RETAIL Q4 2022
Bucharest, September 2021: The Cloud 9 residential project developed by Akcent Development in the Aviației area in the northern part of Bucharest has sold 85% of its apartments, with more than 700 units sold out of a total of 820 apartments by the end of August.
Although during the summer there is normally a decreasing trend when it comes to the residential transactional activity, 102 apartments with a total value of over 10.5 million euro + VAT have been transacted between June and August 2021 within the Cloud 9 project.
Taking into account the transactions concluded in the last few months, there is an increase in purchase requests for residential purposes, while the acquisitions made for investment purposes remained at a stable level. The potential to achieve a rental yield of over 9% for the double studios within the project has triggered a great interest among small and medium size investors. An increasing number of acquisitions for residential purposes is due to the strategic positioning of the project and the high degree of connectivity with major points of interest.
At the same time, there is an increase in requests for the purchase of large assets, namely 3-room apartments and duplexes, especially for the duplexes located on the ground floor of buildings that benefit from private gardens and which create a feeling similar to living in a house.
Laurenţiu Afrasine, CEO Akcent Development: “We are pleased to see that we have reached and even exceeded our goals set at the beginning of the year in terms of sales at Cloud 9, which reconfirms the quality of our project in an extremely competitive market. This determines us to continue with even more determination the process of pre-development of our projects in the northern part of the Capital City, being convinced of both the sustainability of the residential demand and the attractiveness of our projects. ”
Started in May 2018, the construction of the four apartment blocks has been completed in two years. The project includes 18 types of apartments with areas ranging between 48 to 144 square meters, as well as three exclusive penthouses with private pools that have already been sold.
The underground car parking has 1,100 spaces, being also equipped with facilities for charging electric cars. The retail spaces situated on the ground floor of the apartment block facing Pipera Street are about to be leased to a supermarket, a restaurant and a cafe, as the commercial area will be completed with a wide range of services, such as a medical clinic, a notary, gym and a dry cleaning unit.
Cloud 9 benefits from premium construction materials and interior finishes, both in the common areas and inside the apartments. These include the ventilated façade with a 10 cm Knauf basalt mineral wool insulation system and Schuco aluminum exterior carpentry, which ensures perfect sound insulation. Each block has a Viessmann central heating with individual control and two Kone elevators. Inside, the apartments have Saloni porcelain ceramics and Balterio laminate flooring, as well as Mitsubishi Electric air conditioning. The project benefits from a concierge system for its residents, easy access to public transport (numerous bus lines having nearby stops) and less than a 10-minute walk to the Aurel Vlaicu metro station. Promenada Mall and King Michael I Park (Herăstrău), the largest in Bucharest, complete the scenary of one of the most offering areas in terms of facilities in Bucharest.
Akcent Development is one of the most dinamic residential developers in Bucharest, with 20 years of experience on the Capital City’s real estate market and approximately 7,500 apartments in its portfolio, out of which over 3,000 apartments were finalised in the the Cloud 9, 21 Residentce or 20 Residence projects. In the office segment, the company focused on boutique projects such as Mendeleev Office 5, Eminescu Offices, Rosetti Tower and Oscar One, located in the central area of the city, which have easy access to public transport and a wide range of facilities nearby.