Construction News

11/09/2007

Irish Investors Planning Romanian Development

An Irish-owned property company is set to develop one of Romania’s largest ever residential developments, outside of the capital Bucharest.

The Irish investors, Dragoman Developments, have poured €56 million into the Alpine tourist destination, Brasov.

It is understood a 9.6-hectare site has purchased, and it will be used to construct a 450-unit residential development.

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Paul Larkin, a partner with Dragoman, said: "It is our largest ever project and one of the largest ever residential developments in Romania outside of the capital.

"We’ve already secured the investment from Irish backers, there’s some very big names in there but we can't give details on them because of confidentiality arrangements."

Construction is due to commence before the end of the year and the first phase of the development will begin selling from September.

(JM/SP)

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