ICD Real Estate Development, a development company owned by Ionut Chitafes and Daniel Chitafes, bought a land plot of 17,000 square meters, part of the former IMGB platform, to develop a residential project.
“The residential market in the southern part of Bucharest has experienced an accelerated development in the last 12 years, with over 100,000 new inhabitants in the area. Up until now the main advantage of the area was its accesibility to the subway network but the sale of the former IMGB platform has changed this perception. The area will benefit from what is expected to be the largest urban regeneration of Bucharest in the post-communist era, where over 50 hectares of land will be developed from scratch. From the moment we advised on this transaction, which later translated into SIF Banat-Crişana acquiring the land plot, the interest in the area has grown exponentially and subsequently the 17,000 square meters, owned by Sacin, were purchased by ICD Real Estate Development. ICD is a locally owned developer, which plans a future residential project for the area.“, according to Ionuţ Stan, Associate Director, Land Development, Crosspoint Real Estate.