The shortage of plots in the central parts of a number of cities remains high. Increasingly, the only option to build new modern buildings is to demolish old ones. An example of this is the former Aversa pump factory in Bucharest, which was built in 1882. Today, its demolition is underway, and a new residential complex will be built in its place. The investment in SkyLight Residence is nearly 1 billion EUR.
The new complex will be located on a 10-hectare site. The Canadian investor paid 12.5 million EUR for the land in July 2024, and as of today, the site is already valued at 120 million EUR.
The complex will have 486,000 sq m. built-up area, including 370,000 sq.m. of housing or 2,200 apartments and 115,000 sq.m. of offices. An IT campus for 10,000 employees will also be built. The complex will have 4,000 parking spaces and 8,500 sq.m. of commercial space. The green areas and parks will be 28,000 sq.m.
The scale of the project requires that it be implemented in two phases. The first provides for the construction of 7 buildings with a total of 551 homes. The first owners will be able to move into their new homes in 2027.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found HERE