Neocity Group will invest 300 million euros in a residential project located in the east side of Bucharest. The project is called NeoPeninsula and will be located near the Colentina River and Fundeni Lake. The project will comprise 26 blocks of flats 14 to 24 stories high and 2,700 living spaces each with one, two, three, or four rooms. The project is developed on a 140,000 square meter area and will have 50,000 square meters of parks and playgrounds, parking lots and a commercial area.

The real estate project will also have a private beach, soccer field, tennis and basketball courts, a swimming pool, restaurants, an aquatic club and a kindergarten.

Construction on the site will begin in November this year and the first two blocks of flats should be finalized within 18 months. NeoPeninsula is the first residential complex developed by Neocity Group in Bucharest. The company announced this year a one billion euro investment in Romania in the 2006-2009 period. Company representatives announced in March this year the construction of a residential complex in Constanta. The project is estimated at 300 million euros and will be developed in the city's historical center.

"The volume of investments proves our confidence in Romania's potential and its development," said at the time the president of the administrative board of Neocity, Ehud Ben Shach. Neocity wants to build in Constanta a 20,000 square meter mall, the project valued at 50 million euros. The Constanta project was contested by a number of NGOs that argued against the construction of the project in the area of the Tabacarie Park. The company's representatives say the Environmental Agency has established a set of restrictions because of the protests, which Neocity will thoroughly observe. The group entered the Romanian market in 1999 and constructed the office buildings Neocity Tower 1 and 2, in Bucharest. The company is also active in Israel, the Czech Republic, Hungary, Poland and Africa.

source