Property Description

Why invest in Suceava?

HIGH LOCAL DEMAND of 10,000 residential units. In the last 19 years only 450 apartments have been built and only 980 are now under development;
LOW PROPERTY PRICES (more than half price compared with Cluj or Bucharest).Prices are expected to grow for 2 reasons:
1. The Romanians who emigrated in the 1990's (in excess of 2 million) are returning to their home towns due to poor performance of Spanish and Italian economies;
2. Massive tourist potential with the development of the new airport (The Moldavian painted monasteries, unique in the world and UNESCO world heritage);
ECONOMIC HUB; Suceava is a Commercial hub for the north region of the country with perspective development plans with Ukraine (Example:€ 570 million invested by the Austrians Company EGGER AND SCHWEIGHOFER in the wood processing industry) ;
Major investments in the infrastructure ( Examples: € 28.5 million funded by EU to renovate the highways linking Suceava City to Cluj and Romania with the neighbouring country Ukraine);
Improvement of the existing International airport- project funded by the American group ANYC Group Inc;
Proximity to major ski resorts (Durau, Vatra Dornei, Borsa);
Spa's (natural resources) 65 miles southwest of Suceava- A fashionable spa resort during Hapsburg times, today Vatra Dornei is a year-round destination, featuring spa treatments as well as summer and winter activities.
Proximity to world famous Cotnari Vineyards, the Romanian "Royal Wine". Every year on September 14, wine connoisseurs celebrate the harvest here. `Grasa de Cotnari` was awarded several times the gold medals at International Exhibitions.

Why invest in Ucatana II Residence -Suceava?

Located in the City Centre, 42 residential units and 732 sqm of comercial spaces;
Surrounded by all cities attractions;
5 minutes walk to Suceava's main university that has over 20,000 students every year. Other educational institutions are located close by such as: Petru Rares College; Stefan cel Mare College (add rental potential);
Major retail centres and boutiques in the neighbourhood
Excellent transport links in the city centre and surroundings;
Easy access to the mountain ski resorts only 1h drive.

Development summary:
42 modern apartments and 732 sqm of commercial spaces in Suceava`s city centre, the new investment hotspot of South Eastern Europe.

Onsite Facilities:

• Two elevators ( 5 people - capacity) could be accesed from each level of the building
• Marble flooring on the hallways and the stairways
• Commercial units on-site ( underground and on the first two levels of the building);
• 42 modern apartments ,second stage of the development ( Ucatana I- was completed in 2007);
• Commercial units on-site732, 75 sqm of space spread - underground( 37,30 sqm) , ground floor( 350,85 sqm) , as well as the first floor( 344,60sqm)
• 41 parking spaces - underground floor

• 48 storage rooms - underground floor

 

Types of apartments available:

63 One bedrooms - Built area: 38,55 mp - 71,10 mp Price range inclusive of VAT: 39100 Euro - 73400 Euro
14 Studio apartments - Built area: 35,35 mp - 37,40 mp Price range inclusive of VAT: 39400 Euro - 40000 Euro
21 One bedroom apartments - Built area: 51,75 mp - 70,25 mp Price range inclusive of VAT: 62100 Euro - 70400 Euro
7 Two bedrooms apartments - Built area: 88,40 mp Price range inclusive of VAT: 97000 Euro

Development stages:

- development in progress
- July 2009- structural work will be completed
- December 2009- completion of the development work
Nearby Proximity Facilities: (1 mile radius)

• Close to city centre's park ;
• Transylvania Bank;
• The Post Office ( branch no 6 and no 7);
• The churches and yhe cathedrale ( Biserica Penticostala " Filadelfia", Catedrala Arhiepiscopala);
• The retail centres ( Zimbru and Kaufland);
• Entertainment: " Disco Maxx",The Casino Palace;
• One primary schools;
• 2 secondary schools;

• 3 colleges (Petru Rares College; Stefan cel Mare College, Dimitrie Cantemir College, "Colegiul Tehnic de Industrie Alimentara" , " Liceul cu Program Sportiv").

 

Option 1

Payment 1 - 10%- when you sign the contract
Payment 2 - 20%- when the structural work is done - by July 2009
Payment 3 - 70% - when the development will be completed- by December 2009 (mortgage available including non-residents)

Option 2
 
Payment 1 - 25%- when you sign the contract
Payment 2 - 75% - when the development will be completed- by December 2009 (mortgage available including non-residents)

SUCEAVA AT HALF THE PRICE

One bedroom apartment (equivalent to 2 rooms apartment in Romania) in the Suceava average £30,000 (VAT incl.). So if compared with a one bedroom apartment in Cluj (another major city in Romania), where the price starts at £60,000(VAT incl.)

Q: Why is the property cheaper at the start of the development and then it goes up in value?
A: As a developer, in order to get a better deal with the financing bank, we need to have a certain level of interest in the early stages of the project. Because of that, the first few apartments we sell almost at cost. To ensure our profitability, we increase the price towards the completion of the development, when it can easily be absorbed by the local demand.

Conclusion: Our apartments in Suceava are currently 50% cheaper than the prices in other major cities. Because you initially invest only 10% deposit, if the prices will increase to the same level as the other cities, this means you may have a 500% return on your investment right from the beginning (subject to market conditions). This will give you good start in developing your capital gain expectations.

Q/A SECTION:

Q1) What is the rental yield in Ucatana II, Suceava?
A: A Communist studio apartment is currently renting for €200 per month. In other words, assuming that you had your property completed at this moment in time, you could achieve a rental yield of 8.7% which would easily have covered the cost of your mortgage.

DUE DILLIGENCE

• Planning permission- obtained;
• Construction started (early stages);
• Builder -General Construct - one of the main players in Romania with excellent tracking record;
• Financing bank - Unicredit Tiriac - one of the biggest banks in Romania;
• Mortgage and other financing options available (for residents and non-residents).

 

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• Country: View All "Romania Apartments"
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