Westhouse Group to put EUR 1.5 billion into 20 residential projects

The Norwegian-British company Westhouse Group plans to put EUR 1.5 billion into 20 residential projects to be developed in Constanta, Bucharest and Brasov by 2014. The company has already purchased 1 million sqm of land worth EUR 140 million in the country, said Nicoleta Radu, business director for Westhouse Group. Radu took the Westhouse helm after working for Baneasa project as sales director.

The company is currently developing three residential projects worth EUR 50 million in Constanta, with delivery time estimated for 2008-2009. The projects, including Oasis Residences Central Apartments in Constanta, and Corallia Residence in Mamaia, will deliver apartments of an average EUR 55,000 for a one-room studio to EUR 120,000 for two-room apartments.

The company is currently in talks over the financing program for the existing projects with Alpha Hank, according to Paul Bashir, CFO at Westhouse Group “We chose to build first in Constanta because we are familiar with the business environment and we feel that we don’t have many competitors on the local market. We will look into expanding in Bucharest and other cities too but first we are building on secure business ground”, said Kay Thorkildsen, chairman of Westhouse Group.

Westhouse Group was established in 2005 under the ownership of RomReal, a Norwegian company. It has been listed on the Oslo Stock Exchange since June 2007.

Magda Purice
(Business Review, october 2nd, 2007)