BR Interview | InteRo Property Development investing over EUR 1 billion in Bucharest

Ashton Topolinski , Partner, Head of Marketing and Branding, and Sustainability Lead at InteRo Property Development , spoke to BR about the company’s ongoing investment projects, with a total value above EUR 1 billion, and the trends shaping the local real estate market.

By Ovidiu Posirca

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What does InteRo’s residential development pipeline look like for the coming years?

InteRo Property Development is growing its real estate portfolio with four new projects in Northern Bucharest and surrounding areas: SkyLight Residence (Obor), Pajurei 3 Residence (Pajurei), SunLight Residence (Tunari), and MoonLight Meadows (Otopeni), with a combined investment value exceeding EUR 1.17 billion.

In June, we started construction works for the largest 15-minute concept, a green mixed-use project in the Obor area: SkyLight Residence. This large-scale community consists of over 2,200 apartments with a total built area of approximately 460,000 sqm, split into 366,100 sqm of residential, 89,600 sqm of office spaces—creating 10,000 jobs—, a 5,000-sqm park, 2,650 sqm of commercial space, 115 parking spaces, and 28,000 sqm of green space with over 1,000 large trees planted. There are 550 spots for children in nursery and kindergarten plus a private school in the office area. The Topolinski Family believes in protecting the cultural heritage of the Aversa manufacturing plant while revitalising the Obor Market treasure through red brick design. Manufacturing machinery and archives from the old Aversa plant have been preserved and will be on display to create an opportunity for residents to learn about the history of the land.

Our premium project Pajurei 3 Residence takes luxury to a new level in Bucharest, with 160 luxury apartments and top amenities including pool, cinema, fitness centre, event room, and energy efficient design supported by BREEAM Excellent criteria. This new to market luxury project in Bucurestii Noi offers Smart Home Technology that is exclusive to residents, with ground level irrigation, apartment heating, cooling, and lighting as well as inside apartment utility tracking, allowing residents to keep their utility costs stable for many years to come.

What is your outlook on residential demand in Bucharest and regional cities in the next 12 months? Will prices for new projects continue to grow?

First, we foresee improved financing conditions for buyers, as interest rates are expected to decline in Romania in the coming months, after a similar move by the European Central Bank. As taking out a loan will become more attractive, it is reasonable to predict higher demand for real estate and, implicitly, higher pricing. In Bucharest, this tendency is amplified by a growing gap between the current housing market availability in terms of new projects, and the city’s housing needs, a consequence of the recent 2-year freeze following the suspension of the zonal urban plans (PUZs), which will continue to impact the real estate development pace going forward.

What are some of the trends shaping the Romanian real estate sector?

The 15-minute city concept and new office design are big trends in the real estate industry. Work, play, and living are coming together into single real estate projects, creating a sense of community for residents. SkyLight Residence is a great example of a mixed-use project that speaks volumes about centralising one’s lifestyle inside a close community.?

How important are ESG principles for new investments, especially in the residential segment?

We are a supporter of Romania’s 2030 Sustainable Development Strategy, and we demonstrate this through the green design we’re implementing in our projects. Pajurei 3 Residence and SkyLight Residence are earning BREEAM Excellent Certifications, while SunLight Residence, MoonLight Meadows, and others are energy efficient with nZEB requirements integrated in their design.