Wednesday, 22 October 2025
Since its transition to family ownership, RRG Real Estate Group has redefined its approach to governance, capital allocation, and project execution. Under the leadership of Pavel Kodzik, the company has introduced stronger oversight structures and more agile management systems, resulting in faster decision-making and improved cost control across its development portfolio, including the landmark Lakeside11 project overlooking Lake Străulești in Bucharest.
In an interview with CIJ EUROPE, Kodzik said that the group has established a board of directors and a dedicated project control office to oversee progress and performance in real time. Decision-making processes have become more transparent and efficient through the adoption of PMI-based project management standards and digital dashboards that track progress across all disciplines. These measures, he explained, have kept Lakeside11 on budget and slightly ahead of schedule while ensuring stronger supplier accountability through a structured procurement framework.
Lakeside11 remains on track with its original development plan. The first phase, comprising 105 apartments, is scheduled for completion by the end of 2026. The second phase, which includes 81 apartments and already holds a valid building permit, is expected to start construction next year. The project is now fully connected to the national electricity grid via its own transformer station and has secured water and sewage connections, reducing infrastructure-related risks. RRG is also working on the next stage of the Lakeside concept, which will expand the company’s focus on innovative urban design and create new spaces that encourage social interaction and community life.
The market response has been robust. Presales have reached around 50 percent, in line with the company’s business plan and ahead of expectations in several segments. Kodzik attributes the strong demand to the transformation of the Străulești area, supported by metro expansion, improved roads, and proximity to the lake. Since construction began, prices for certain apartment types have risen by up to 30 percent, with particularly high interest in larger units, such as four-bedroom apartments and penthouses with direct lake views. Two-bedroom units start from €153,000 for 68 square metres plus an eight-square-metre balcony, or €130,000 under RRG’s #InvestWithRRG financing solution. Three-room apartments are priced from €200,000 for 84 square metres plus a 15-square-metre balcony, or €170,000 with the same plan.
From a financial perspective, RRG has opted for a conservative structure in the first phase of Lakeside11, relying primarily on equity and long-term investors participating through the #InvestWithRRG model. This allows the company to maintain full control of project cash flow and respond quickly to market changes. Kodzik added that early purchasing of key materials and favorable payment terms help stabilize costs and protect against inflation. For the second phase, RRG is considering bank financing to accelerate construction and optimize its capital structure. The group’s risk management approach centers on careful planning, close monitoring of progress, and maintaining reliable partners and backup suppliers to ensure continuous quality and timely delivery.
At the core of Lakeside11’s concept lies a commitment to human-centered design. The development was conceived around two principles: the apartment as a comfortable, functional living space, and its natural extension into shared community areas. From the initial stages, RRG involved interior designers to create practical layouts that reflect real daily needs. This design philosophy gave rise to the project’s defining feature—the Float Spot concept—an elevated network of shared spaces linking the buildings. These floating platforms include a relax zone, amphitheatre, children’s playground, and gastro area, all designed to separate pedestrian and vehicle flows while encouraging social interaction. Kodzik described the idea simply: “‘Float’ stands for elevation, and ‘Spot’ for connection. Together they define the community spirit of Lakeside11.” The concept has already earned international recognition for its innovative contribution to urban design.
Looking ahead, Kodzik believes that Romania’s residential market is entering a healthier stage of development. Commenting on the removal of the reduced nine-percent VAT rate, he argued that the change will benefit both buyers and developers in the long term. Without the artificial price cap imposed by the VAT threshold, buyers can focus more on quality, comfort, and layout efficiency. Previously, developers often reduced apartment sizes to stay under the €120,000 VAT limit, resulting in smaller and less practical homes. With the constraint removed, Kodzik expects the market to encourage more diverse and better-designed products, improving both supply quality and customer satisfaction.
Through its restructured governance, disciplined capital management, and forward-looking design philosophy, RRG Real Estate Group is reinforcing its position as a trusted and innovative developer in Romania’s evolving housing market. As Lakeside11 advances toward completion, the project stands as a reflection of the company’s long-term vision—building not only homes but sustainable communities designed for modern urban life.
© 2025 www.cij.world
