Prime Kapital launches 3 new buildings for sale in Avalon Estate and Marmura Residence, secures clients` deposits
Prime Kapital, well-known developer, investor, and operator in the Romanian market, announced today that it is launching 3 new buildings for sale in its ongoing projects located in Bucharest, namely Avalon Estate and Marmura Residence. The company will make another 100 units available for sale in Avalon Estate, where Prime Kapital has obtained the building permit for the entire development earlier this year and is planning to commence construction in last quarter of 2020. In Marmura Residence, Prime Kapital will launch the third building in the complex as sales in the first two buildings have exceeded the 75% threshold.
Prime Kapital offers its clients unparalleled protection of purchase price deposits by placing the funds that they pay in advance in a separate fiduciary account. This eliminates the risk for clients of losing their deposits should the developer default on its promise to deliver to them the home they have contracted and paid for. Fiduciary accounts are opened with reputable banks and managed separately with independent oversight.
“We decided to launch new buildings for sale in our Bucharest projects because we continue to believe that the demand for quality homes with low and secure down-payments will remain strong in these uncertain times. Prime Kapital offers peace of mind to its client by guaranteeing that their deposits are secure and offering them the benefits of our market-leading low minimum down-payment requirements of 10%. At Prime Kapital, we are a self-funded business with no need to access client deposits for purposes of funding our development and construction costs. Instead deposits serve the purpose they are really intended in these circumstances and nothing more – that is to ensure that clients are committed to the transaction. We are planning to start construction at Avalon Estate this year, we have extended the original start date merely to properly understand and prepare for limitations placed on us resulting from the ongoing Covid-19 pandemic. We had plans to start in March but had to place that on hold because of the ongoing crisis and the impact it has on productivity. At Marmura Residence, construction continues and we are approaching level 0 with the works, which means that aboveground building structures will soon start going up with more visible progress which is indeed exciting”, says Maggie Kitshoff, Residential & Office Managing Director Prime Kapital.
Avalon Estate is in the northern area of Bucharest and offers low density living inside a gated community concept, adjacent to one of a large lake that forms part of the system of lakes in northern Bucharest. In addition to well-designed villas, townhouses and apartments in several typologies and layouts, the development offers a large central green park, an exclusive club house with a natural pool, several functional amenities and support services. The clubhouse, lake park area and a large portion of the central park will all be constructed as part of phase 1 starting with the Q4 2020. With a total of 746 units, the development has attracted a lot of interest and we are excited to launch the second phase of sales.
“Sales prices in Avalon Estate compete in a medium market segment despite it really being a high-end product. I am very pleased that we are now able to showcase this project, as there is really no competing product on this level anywhere in Bucharest. Avalon Estate offers a fantastic lifestyle and a solid long-term investment”, says Maggie Kitshoff
Marmura Residence, located at Jiului subway station, close to the new office hubs in the northern area of Bucharest, offers 465 studios, 2, 3 and 4-room apartments, duplexes and 509 underground parking spaces. Developed around the concept of an integrated community, Marmura Residence covers an area of 1.5 hectares and comprises 5,000 square meters of green spaces and generous community terraces, 1,700 square meters of retail spaces, services, and an exclusive recreation area for residents.
“Marmura is a project that continues at a steady pace, with sales going very well and there is a lot of excitement about the project and the area. It is very different from Avalon Estate, but similar from a unique high-quality development perspective, available at extremely competitive pricing and is already becoming a landmark project. I am extremely proud of both projects”, says Maggie Kitshoff.
About Prime Kapital
Prime Kapital is a well known developer, investor and operator, active in Central and Eastern Europe. The founders of the business have been active on the real estate market in Romania and in the region for more than a decade and have an unparalleled reputation for the long-term quality and sustainability of their development projects. Prime Kapital has a broad presence on the Romanian market and is vertically integrated with a team of more than 200 real estate specialists, combining multi-disciplinary skills and covering the entire value chain, specific to real estate developments, from the acquisition, design and construction of projects to rental, sale and administration of property.
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