Camera de Comert Elvetia - Romania / Chamber of Commerce Switzerland - Romania

Real estate developer Raiffeisen Evolution, a division of Austrian financial group Raiffeisen, will start construction works on the mixed project Floreasca City in Northern Bucharest, which entails a 200-250 million-euro investment. "Octagon was designated as builder of the foundation, with procedures to designate the general contractor being currently underway. It was decided for both the mall and the office block to be delivered at the same time, because it is difficult to operate one facility while the other is being built," said representatives of the developer. The project will consist of a mall (Promenade Mall), an around 130 metre-tall office tower (Sky. Tower), and another office building. Promenade Mall could be the second mall in the North of the Capital, after this month will see the opening of Baneasa Shopping City, the largest shopping centre in both Bucharest and Romania. In Bucharest, besides the four already existing shopping centres, another 17 projects of this type have been announced, which will be developed in the coming three-four years. (Ziarul Financiar, 04/08/2008)