HAGAG DEVELOPMENT EUROPE ADDS “OBOR EST RESIDENCE” TO ITS RESIDENTIAL PORTFOLIO
Re-introduced to the market as H East Residence, Hagag Europe’s newest portfolio addition becomes the second large-scale project in the developer’s current residential offer
Real estate investor-developer Hagag Development Europe takes over residential project “Obor Est Residence” located in East Bucharest, on the former “Izolatorul” industrial platform. Following an extensive analysis covering all the particularities of the existing project and the developer’s contribution and upgrades made to the overall concept and design theme, the company re-launches the project under the Hagag brand.
H East Residence is currently under development on a land plot surpassing 17,500 square metres and will serve the medium market segment.
„It is more than two years now since we are looking closely to the East part of Bucharest, an area with true potential for residential development. Therefore, we are delighted to announce this new addition to our local portfolio and very happy to expand our residential offer with more than 500 new residential units. Likewise, we are talking about an area that has seen, over the past three years, a significant evolution in terms of demand. At the same time, we are talking about an area where the stock of housing units is predominantly obsolete. Therefore, we are confident that H East Residence will bring added-value not only to the people that want to live or invest in a new and modern residential complex in a well-connected location, but also to the area.„, says Yitzhak Hagag, Co-founder, and Chairman of the Board of Hagag Development Europe.
Hagag’s vision, involvement, and contribution from the early stages of the transaction is reflected in the improvements brought to the concept and design theme, both in terms of facade aesthetics and reconfiguration and optimisation of the residential units, as well as in terms of construction materials, finishes, fits, electrical infrastructure, and sustainability features.
The General Contractor is BTDConstruct & Ambient, and the Project Management is provided by Vitalis Consulting.
Phase I, where the construction works on the resistance structure are nearing completion, will deliver three eleven-storey buildings (2S + G + 10E), and a six-storey (2S + G + 5E) building with a total of 273 apartments, served by 380 parking spaces and about 2,000 square metres of modern commercial space. Completion is estimated for the end of 2025.
Moreover, following the company’s standards and services policy, H East Residence will follow the line of previous residential projects and offer residents and investors a set of property and facility management services, a dedicated Concierge team, turnkey furnishing options, along with the comfort and security of living in a Gated Community development.
Once completed, the complex will deliver seven residential buildings and 568 units comprising studios, one, two and three-bedroom units, serviced by 824 underground and underground parking spaces. In addition to the 50,000 square meters built of apartments, H East Residence will display over 5,000 square meters of commercial space and approximately 5,200 square meters of green areas, charging stations for electric vehicles, a playground, and multiple access roads, all complemented by the area’s own facilities.
About HAGAG Development Europe
Hagag Development Europe is a real estate investor-developer specialized in the development of residential and commercial projects in Romania, listed at the Tel-Aviv Stock Exchange. The company is involved in the purchase, development, renovation, marketing, and management of several assets located in both privileged locations and emerging areas across Bucharest, and is the first player on the local market that has been placing significant investments into developing and growing the niche segment of urban renewal through the reconversion of old, historical buildings with unique architectural presence.
