The company is in discussions with Volksbank to get the necessary financing for the project in Arad, including 1,200 apartments. In the first phase will be built 118 apartments, has declared  Ofer Lieberson, the owner of Tagor.

The company to develop the residential project in Arad has increased in January this year its social capital with EUR 14.6 million. Tagor owns the land of the former industrial ARIS, on Calea Victoriei in Arad, with an area of 70,000 sqm. According to the urban plan, the project includes residential buildings with 11 floors.

For the construction of its projects in Romania, Tagor established a partnership with the British investment fund Patron Capital. The next project of the company is the one in Timisoara, with 1,200 apartments.

The first project in Romania is under construction in Bucharest, in Independenţa district at the exit of the city – Adora Urban Village. The first 75 apartments are almost ready, following an investment of EUR 6.1 million. The financing was obtained from Carpatica Bank. Overall, the project will feature 12 buildings and over 500 apartments, with a total investment of EUR 34.4 million. The second phase of the project will start at the moment when Tagor will sell 40-50% of the first phase. A studio is EUR 39,00, a two rooms apartment is EUR 53,000 while the three rooms apartments are over EUR 70,000. The prices are excluding of VAT (5%).

Tagor owns several plots in Romania, in Arad (70,075 sqm), Timisoara (61,825 sqm), Oradea (17,818 sqm) and two in Pipera (40,000 sqm and 36,234 sqm). (source: economica.net)