Stock Exchange Announcement
15 April 2008
RomReal starts construction on next two developments
RomReal today has commenced construction work on its next two developments - namely Corallia and Central apartment complexes.
Corallia Holiday apartments are situated in the popular holiday resort of Mamaia in Constanta, Romania. The development of 36 luxury apartments is located in an exclusive and fashionable area at the entrance of Mamaia, surrounded by retail and leisure facilities.
This development has already started to show a promising level of pre-sales representing the high demand for such developments in this popular holiday resort. Apartments range from 69-315 sqm with an average sales price being achieved of EUR 1,683 per sqm.
Central apartments, which are situated in down-town Constanta Romania, is unique in the vicinity - being the first such modern residential project in the area, offering western standard apartments at affordable prices.
The 89 apartments at Central are being sold by Euroest, who are the sole agents. Apartments range from 49-123 sqm with an average selling price of EUR1,300 per sqm.
The constructor on these two projects is the well known and highly respected construction company Baumeister SRL. Baumeister are currently also working on Kaufland's logistic centre in Ploiseti and Siemens VDO administrative and production complex in Timisoara.
In accordance with RomReal's construction and development policy, RomReal has secured a fixed term construction contract with Baumeister for these two projects, at a price which is within Company's targeted construction cost per square metre.
Further information on these developments and other RomReal developments can be found at www.westhousegroup.ro and further corporate information can be found at www.romreal.com.
For further information, please contact:
Paul Bashir CEO
Tel: +40 751 084 747
Mob: +44 7810 546605
E-mail: investors@romreal.com