Hercesa Romania Starts Construction of the Fourth Building in Stellaris

Following the success of the first three buildings in the first phase of Stellaris Residencias, the project that Hercesa Romania is developing next to the Steaua stadium in Bucharest, the company has decided to start works on the last block of this stage, which will have 114 apartments, just six months after the start of construction on the third building, with its 112 units. These add to the developer’s portfolio of apartments currently under construction, comprised of the 124 units in building 2 of Stellaris Residencias, the 105 in the Vivenda Prime project and the 167 in block D of Vivenda Residencias.

“We are at the end of a year marked by economic volatility and significant tax changes, such as the removal in August of the reduced 9% VAT rate, with inflation at 9.8%, the highest in the European Union, and the key interest rate kept at 6.5%”, said Alejandro Solano, General Manager of Hercesa Internacional. “The residential market in Bucharest, the second most important in our portfolio, has nevertheless proved resilient, and this is why we have decided to accelerate our development plans, launching new phases in the two projects, Stellaris and Vivenda, and targeting the premium segment through Vivenda Prime”, added Alejandro Solano.