Alfa Group invests €90m in luxury resi project in Bucharest

Romanian conglomerate Alfa Group is investing €90 mln for the first phase of Cloud9 Evolution, a new residential project in Bucharest, Romania.

Located near Cloud9 Residence, completed in 2021, the new complex will add 612 new apartments and 658 parking spaces to the area and is expected to be completed by the end of 2025, with 70% of the residential units already sold.
Both projects, located in Bucharest's main business district, aim to redefine premium living with a focus on comfort, energy efficiency, and convenient urban access, embodying the "15-minute city" concept. 
Răzvan Brasla, CEO of Cloud9 Residence, said: “Cloud9 Evolution addresses the need to balance career and personal life within a sustainable, functional urban environment that fosters a connected and secure community with investment potential, in one of Bucharest’s most dynamic areas. Project financing has been provided entirely from own funds and bank loans, with no reliance on deposits received from clients. In line with international practice in the real estate sector, the advance payments have been secured in an escrow account.”
Alfa Group, with over 30 years of experience in Romania's high-end residential sector, has already developed over 1 million m2 of residential space and sold more than 15,000 apartments.
The company’s current pipeline includes the €90 mln Akcent City development in Bucharest Noi, already over 70% sold and due for completion in 2025.