Prime Kapital, a leading real estate developer and investor known for its large-scale projects with advanced infrastructure and generous green spaces, announces the start of major construction works for approximately 600 new residential units, in Bucharest and Iasi, part of two major and well-known ongoing developments namely Avalon Estate and Silk District.
This follows the completion and delivery of nearly 700 apartments in Silk District and 352 apartments and villas at Avalon Estate, bringing the total number of apartments and complementary spaces delivered by Prime Kapital in Romania to 2,500, in 2024.
Avalon Estate (8 ha) and Silk District (10 ha) – an urban regeneration project – have both garnered industry recognition. Avalon Estate received the ‘Built Architecture / Collective Housing Architecture’ award at the Bucharest Architecture Annual in 2023, while the Phase 1 of Silk District office component has achieved BREEAM Outstanding recognition.
‘Avalon Estate and Silk District presents clear examples of our commitment to create sustainable communities that provide diverse and quality housing options. Our projects are known for their car free green areas, good urban planning, and continued commitment to the improvement and maintenance of each phase completed and the overall project. What is fantastic is that each new phase unlocks new benefits and more common spaces for the already established phases, thus continuing to enhance benefits and unlock long term value. It is easier to understand it by visiting the projects and experience it in person’ said Maggie Kitshoff, Partner, Prime Kapital.
Over the past year alone, Prime Kapital has delivered nearly 1,000 apartments, alongside innovative integrated parking structures totaling 200,000 m2 GBA. In addition, 30,000 m2 of Gross Leasable Area (GLA) for complementary offices and boutique retail spaces were delivered further enhancing the mixed-use residential communities and its aim to become car-free 15 minutes neighborhoods. In addition, the developer opened Arges Mall in Pitesti (April 2024), whilst Mall Moldova, the second super regional mall in Romania, is currently in an advanced stage of construction in Iasi.
Prime Kapital differentiates itself as a residential developer by remaining involved in property management post-completion, ensuring the maintenance of high standards for the benefit of both current and future homeowners. This long-term approach, while challenging, is central to unlocking sustained value, fostering vibrant communities, and preserving quality infrastructure whilst delivering a turnkey solution for the administrative services.
Looking ahead, the next phases of Avalon Estate and the Silk District will launch for sale in Spring 2025, with around 850 new units expected in the penultimate phases of these two large developments. Prime Kapital’s pre-sales process is designed to stand out, offering some of the lowest mandatory down payment options on the market. The developer, known to do things differently, introduced a fiduciary account structure to secure clients’ deposits in 2020, following the start of the pandemic, a first in Romania.
‘We will continue, adapt and innovate, we set high standards for ourselves and part of that is to continue to improve. Each completed phase and transaction are inevitably also a teacher.’, added Maggie Kitshoff.
Demonstrating its unwavering commitment to sustainable development, Prime Kapital takes measures to prevent speculative purchases by prohibiting the transfer of pre-sales agreements, ensuring that its homes are occupied by residents who contribute to thriving communities. The company is proud to have converted all pre-sale agreements into final contracts without increasing prices, even amid inflationary pressures to date. In 2022, Prime Kapital introduced Prime Link, an internal credit brokerage service designed to help buyers secure favourable financing from day one at no additional cost.