Tag: avalon estate

Prime Kapital announced that it is launching 3 new buildings for sale in its ongoing projects located in Bucharest, namely Avalon Estate and Marmura Residence.

The company will make another 100 units available for sale in Avalon Estate, where Prime Kapital has obtained the building permit for the entire development earlier this year and is planning to commence construction in last quarter of 2020.

In Marmura Residence, Prime Kapital will launch the third building in the complex as sales in the first two buildings have exceeded the 75% threshold.

Avalon Estate is in the northern area of Bucharest and offers low density living inside a gated community concept, adjacent to one of a large lake that forms part of the system of lakes in northern Bucharest.

With a total of 746 units, the development has attracted a lot of interest and we are excited to launch the second phase of sales.

Marmura Residence, located at Jiului subway station, close to the new office hubs in the northern area of Bucharest, offers 465 studios, 2, 3 and 4-room apartments, duplexes and 509 underground parking spaces.

As a response to prevailing market uncertainty caused by the COVID-19 pandemic, real estate developer Prime Kapital announced that it is implementing robust measures to guarantee clients` deposits by placing the funds advanced by clients in a separate fiduciary clients’ account.

This voluntary initiative means that all those who wish to purchase a home from Prime Kapital will have their deposits fully secured.

How this works

All existing and future deposits, paid for the purpose of securing units, will be placed in a separate protected ‘Fiduciary Account’.  

This means that the developer has no access whatsoever to clients’ deposits until the unit is completed and delivered to the client.  

This eliminates the risk for clients of losing their deposits should the developer default on its promise to deliver to them the home they have contracted and paid for, as the advance payments are not used to pay for the construction costs of the development and would automatically be returned from the Fiduciary Account in case the delivery does not take place.  

Fiduciary accounts will be opened with reputable banks and managed separately with independent oversight. 

Prime Kapital has released to date two large residential projects in Bucharest, Avalon Estate and Marmura Residence.