Saturday, 10 May 2025
A new villa complex is set to be developed on the outskirts of Snagov forest by Turkish citizens of Iraqi origin, Sabah and Mahmut Bacgeroglu, in collaboration with Rizgar Shikhil, a Swedish citizen of Iraqi origin and president of the Romanian-Iraqi Businessmen Association.
The project, located on a nearly 2-hectare plot in the village of Ciofliceni, Snagov commune, involves a Zonal Urban Plan that allows for the construction of villas featuring a ground floor, first floor, and attic. The development will comprise 28 villas with a total built-up area of 19,748 square meters.
In addition to the Snagov villa project, Sabah and Mahmut Bacgeroglu are advancing another real estate development in Bucharest near Baneasa Forest. This luxury apartment complex, named Northberi Apartments, will consist of two buildings featuring 92 high-end apartments and 184 parking spaces.
Rizgar Shikhil has been active in the Romanian real estate market since 2018. He made a notable investment in the hospitality sector by opening the 4-star Athina Suites hotel on Mihai Eminescu Street in Bucharest. The hotel, which includes 43 rooms, represents an estimated investment of EUR 12 million.
The villa complex in Snagov is expected to attract interest due to its proximity to nature while offering modern residential amenities. The involvement of experienced investors suggests confidence in the Romanian real estate market and its potential for high-end residential developments.
Source: Profit.ro
