Real estate developer Impact to invest 2.7bn Euro in Romanian residential projects

Romanian constructions company Impact Developer & Contractor will invest 2.7 billion Euros to develop two residential projects in Bucharest and in the Central county of Cluj this year, according to the company's financial manager, Carmen Sandulescu.

The residential complex to be constructed in Bucharest will be located in the Northern area and will be built over 45.8 hectares. It will include 4,000 dwellings, office buildings, kindergartens, schools and green areas. The project should be finalized in 2014.

The residential area to be developed in Cluj will include 3,200 houses and 2,500 apartments, stretching over 178.8 hectares. The complex will cost around 2 billion Euros and should be ready in 2015.

Impact is the only construction company listed on the Romanian stock exchange.