InteRo Property Development, owned by the Canadian Topolinski Family, has received the building permit for luxury Smart Home residential project, Pajurei 3 Residence, with construction works to begin in the following weeks. The developer also expects to receive the building permit for SunLight Residence, a residential project with nZEB that is attractive to investors with considerable rental yields, in the following months.
InteRo Property Development will soon close the acquisition of MoonLight Meadows, a 4.5-hectare plot of land in Otopeni area with a PUZ. The large-scale residential project has an estimated investment value of more than EUR 80 million, developing more than 400 apartments in the upcoming years.
The three developments represent a combined investment in Northern Bucharest exceeding EUR 170 million.
Michael Topolinski III, Founder of InteRo Property Development, says: “This is a good time to build, as costs are more controlled, and Real Estate remains a solid investment in a maturing market like Romania. In challenging market times, qualitative projects gain traction. Buyers are taking a much more pragmatic approach to their long-term investment, looking for the best value for their purchase. Over the years, we’ve built a reputation for developing high-quality, efficiently designed, and innovative projects that generate attractive two-digit returns. Our pool of investors has steadily expanded, with capital flowing in from all over the world. Already, we’ve sold approximately 20% of the featured units in Pajurei 3 Residence (30 apartments) and approximately a quarter of the ones in SunLight Residence (48 apartments). Investors’ interest is high, and we are confident that our sales team will be quite busy throughout the year.”
Razvan Nica, Managing Partner at BuildGreen and lead architect for Pajurei 3 Residence BREEAM Excellent Certification states: "We are in the BREEAM certification process for the Pajurei 3 Residence project, and through our dedicated approach and intensive focus on sustainability, we confidently anticipate that we will achieve the standards required to achieve BREEAM Excellent certification. Nowadays, green construction is no longer just an option, but is gradually becoming an essential requirement for modern residential developments, bringing tangible benefits in terms of energy efficiency, environmental responsibility and sustainability."
Ashton Topolinski, Partner, Head of Marketing & Branding and Sustainability Lead at InteRo Property Development adds: “InteRo’s development strategy focuses on building projects that add value to Bucharest’s economy, enrich the livelihood of our residents and, are attractive to investors. As Romania’s Sustainable Development Strategy 2030 is approaching, we align with creating beautiful communities that are energy efficient, using a significant share of energy from renewable sources. Pajurei 3 Residence is nZEB, in the process of earning BREEAM Excellent Certification, and offers apartments with full Smart Home Features package as a standard feature. BREEAM Excellent standards provide residents electric charging stations, utility usage management with reduced costs from solar panels, ventilation minimizing air pollutants and more. Smart Home Features such as camera security at the building entrance and at the apartment door, utility meter reading, lighting, heating, and cooling using an application. SunLight Residence is a nearly Zero Carbon Emissions Building, with 125 solar panels, ventilated façade, in floor heating, spacious apartments with generous terraces, outdoor green spaces and a children’s park.”
With an estimated investment value of EUR 65 million, Pajurei 3 Residence is the first luxury project in Pajura, Bucurestii Noi and is expected to generate investors an average rental yield of approximately 7% (considering all price levels).
The development, a 3-minute walk from Jiului Metro station and in the heart of Bucurestii Noi, will feature 160 luxury living units, including 3-room Penthouses and 4-room Penthouses with their own private rooftop garden, plus communal facilities like an outdoor pool with a barbecue area, a well-equipped fitness centre, a party room, English Courtyard, a children’s playground, dog parks, and a movie space.
Pajurei 3 Residence clients experience a luxurious showing at the Showroom Concept with relaxation, sipping on a beverage in our Lounge Area, and are guided through a virtual immersive apartment walkthrough experience by a dedicated sales representative, using InteRo’s digital platform, InteRoVerse.
Following an estimated investment value of EUR 25 million, SunLight Residence will be a more mid-market, affordable development, ideal for investors looking for high yield. Buyers can expect a rental yield of approximately 7% (at third price level) and a return of an estimated 30%-40% on the value of the apartment, in a few years.
SunLight Residence will include 5 blocks with 180 spacious apartments (2-room, 3-room, and 4-room with 100+ sqm garden apartments), a children’s playground, green spaces, bicycle storages, and as well as 360 parking spots. This residential project located on the border of Pipera is designed to be a nearly Zero Emission Building (nZEB), with very low utility costs given that 30% of renewable energy is produced by 125 solar panels placed on the buildings’ roofs. Additionally, all apartments will have in-floor heating, bringing more comfort to residents.
The project has its PUZ and is expected to get the building permit in the following months. Located in a rapidly developing area outside Bucharest, it has easy access to Băneasa Shopping City, Cosmopolis Retail Park, the American International School of Bucharest, and the project is a short drive to the Northern areas of Bucharest (Aviației and Obor). With easy access to the DNCB highway close by and the future Otopeni Metro Station only a 15-minute drive away, residents can conveniently visit the city.
About InteRo Property Development
Established by the Topolinski investor family (father Michael and his three children – Michael, Tyler, and Ashton), InteRo Property Development has been present in Romania for more than 15 years, helping to drive the overall growth of the local Real Estate market in terms of standards and corporate social responsibility (CSR).
The developer’s list of partners includes the Romanian proptech startup Bright Spaces, the international property management company LGM Group, as well as brands like Skanska, Lidl, Balbec, Libra Bank, and private investors and global investment funds from North America, Asia, and the nearby countries.
Landmark deals include the 2012 purchase of 78,000 sqm on Progresului for EUR 21 million, where Vulcan Value Center stands today, and the largest transaction of 2019, when they sold half of former Textila Dacia platform to Skanska Property Romania for EUR 23 million to build an office project.
In 2022, InteRo became the first real estate developer in Romania to implement the Bright Spaces digital solution for residential. NorthLight Residence, New Confort City, Pajurei 3 Residence and SunLight Residence are on the platform and around 500,000 sqm of total built area, of upcoming projects, is expected to be launched on the platform in 2024 and 2025. As InteRo’s portfolio grows, InteRoVerse intends to integrate all its projects in the virtual residential world.
The InteRo Property Development portfolio includes innovative and efficiently designed projects aimed at creating high-quality living and working spaces:
● NorthLight Residence. Located in the middle of nature in North-East Bucharest, the project spans 13,000 sqm and includes a total of 110 premium apartments (including Penthouses) with an exceptional view of the lake, 4,000-sqm of green spaces, a children’s playground and a 320-sqm pool.
● New Confort City. Located in the Southeast of Bucharest, the 280-apartment project has a total built area of 25,210 sqm. It offers residents an affordable and quiet community where families can enjoy the green spaces, bring the dog to the dog park, and shop at the complex’s local market to pick up anything on the go.
● SkyLight Residence. Situated in the central part of the City (Obor area), the 10-hectares mixed-use project will provide upon its completion of 2,200 apartments with a total built area of 450,000 sqm divided into 110,000 sqm of office space, 340,000 sqm of residential and 2,600 sqm of commercial shopping. Phase 1 is composed of just over 500 apartments within 7 buildings, sits on a land area of 19,248 sqm with a total built area of 87,000 sqm.
● Bucurestii Noi project has been designed as an environmentally friendly, state-of-the-art technology IT campus that will be developed on a 5.2-hectare plot connected to the Jiului Metro station. As an integrated project with Skanska, it will consist of 7 office buildings totaling 197,000 sqm (93,000 sqm to be developed by Skanska Property Romania, and the rest by InteRo Property Development).
● Pajurei 3 Residence is InteRo’s first luxury project, with 160 luxury apartments, an outdoor pool with a barbecue area, a well-equipped fitness centre, a party room, English Courtyard, children’s playground, dog parks, and a movie space. Designed with the implementation of reducing carbon emissions, it will be built to meet the nearly Zero Emission Building (nZEB) standard, earn BREEAM Excellent Certification and offer apartments with full Smart Home Features package as a standard feature. Q2 2024 is the estimated construction start date of this project with 16,960 sqm of total built area.
● SunLight Residence is in Tunari, just a 5-minute drive from Pipera, and the total built area will be 17,238 sqm with 180 spacious apartments (2-room, 3-room, and 4-room with 100+ sqm garden apartments) and 360 parking spots. The development is a nearly Zero Emission Building (nZEB), with utility costs reduced as it has 30% renewable energy produced by solar panels on the buildings’ roofs.
Further details available on https://intero.ro/ and follow us on InteRo’s LinkedIn page, Facebook page and Instagram page.
