Haggag Europe Sells Hundreds of Apartments in Romania, Generating Over $85 Million

Haggag Europe, a real estate development company controlled by businessman Tzachi Haggag and partner Shahar Mahat, has reported significant sales in Romania over the past five months. The company announced on Thursday that it sold 231 housing units across three projects in Bucharest during this period. These sales generated approximately 300 million shekels, equivalent to over 85.8 million euros.

The company's flagship project in Bucharest, Pipera Lake Phase 3, launched in the second quarter, accounted for 157 of these sales. An additional 74 units were sold from other ongoing projects, including 60 units in Pipera Lake Phase 2 and 14 units in the Obor Phase 1 project, also located in Bucharest.

Cumulatively, across these three projects, Haggag Europe has sold and marketed around 650 apartments to date. The Pipera Lake complex, a large residential development in Bucharest's sought-after Aviației-Pipera area near a major tech park, targets a high socioeconomic demographic. This project comprises three phases and a total of 16 residential buildings. Phase 1, consisting of 435 units, is already sold out and occupied.

Haggag Europe is currently constructing Phase 2, which includes 455 units, with most already sold. The company recently began marketing Phase 3, the final stage of the project, and is preparing for its commencement. The company anticipates a gross profit of approximately 168 million shekels (around 48 million euros) from Phases 2 and 3.