English
An increasing number of real estate developers have announced their intent to invest in Arad. Businessman George Păunescu, in partnership with a foreign company, will invest 40-60 million EUR to build a mall in Arad. Construction works will start this summer, the execution term being 20 months. Also, an office buiding will be built near the shopping center and will include a shopping gallery. The investment will amount to 12-14 million EUR.
Africa-Israel Investments bought 8,1 hectars of land in Arad in order to build a mall. The company will invest 50 million EUR in the 50.000 sq.m building, which will be finalized in 2009. The developers intend to expand the project by 75.000 sq.m of office space.
Real estate developer GTC announced the construction of another shopping center with a rentable space of 25.000 square meters. The project will be developed in partnership with Aura Investments and will be finalized at the end of 2008.
Two further projects are waiting to be approved: a mall which will be built in Gradiste, on a surface area of over 73.000 sq.m and a shopping center to be built near the former Strungul stadium. Another mall will be opened in the Northwest area of the city, near Metro.
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