HORIZON CITY, the residential project developed by British investor Ghai Sant Ram in northern Bucharest, has secured €36.5 million in financing from Libra Internet Bank. The funds will be used to continue and accelerate construction works, with full project completion targeted for the first half of 2027, six months earlier than initially announced.
The new financing strengthens the development's financial structure and provides predictability for the next stages of construction. The financing provides the necessary resources independently of the pace at which advance payments are collected from buyers under pre-sale agreements.
“The €36.5 million financing represents a very important step for HORIZON CITY and provides the project with a solid financial resource for the next stage of development. For buyers, this financial structure means greater predictability and security regarding the accelerated progress of the project,” says Cătălin Apetri, CEO and Founder of CGA Home Consulting and Development Director for Romania for investor Ghai Sant Ram.
Libra Internet Bank: financing supports the development of a major residential project
Construction works at HORIZON CITY are progressing simultaneously on the structural elements, partitions, installations and preparations for the finishing stages.
“Libra Internet Bank’s experience in financing residential developments enables us to thoroughly understand the requirements and challenges associated with investments on the scale of HORIZON CITY, particularly in a context in which access to financing is essential for achieving project objectives. This is why we continue to support real estate projects with clear goals and solid fundamentals, and we are confident that HORIZON CITY will become a landmark in one of Romania’s most highly regarded residential areas,” says Cristina Mahika-Voiconi, Chief Executive Officer of Libra Internet Bank.
HORIZON CITY is being developed on Pipera Boulevard, on a 23,000-square-metre site, and comprises 699 residential units arranged across eight stairwells and two development phases. The project provides 926 parking spaces, including 900 underground and 26 above ground. The total investment exceeds €130 million.
“We are entering an important stage of the project, in which the focus is increasingly shifting to installations, partitions and finishes. The financing we have secured allows us to plan the next stages very clearly, accelerate works wherever possible and, at the same time, implement high quality standards for HORIZON CITY,” says Cristian Stanciu, CEO of the HORIZON CITY project.
Finishes and key equipment have been selected
As construction progresses, the developer has finalized discussions with third parties and suppliers for the main categories of finishes and equipment to be integrated into HORIZON CITY.
The apartments will be delivered fully finished and ready to furnish. Apartment entrance doors and interior doors will be from the PINUM range, while bathrooms will feature GROHE sanitary ware and faucets. Interior cooling will be provided by individual SAMSUNG air-conditioning units installed in living rooms and bedrooms.
The external walls are built using 30 cm YTONG masonry, complemented by a ventilated façade system. Thermal insulation is provided by ROCKWOOL basalt mineral wool, an A1-class non-combustible material, together with an anti-condensation membrane, metal substructure and HPL panels.
Vehicle access to the development will be controlled by a barrier, while pedestrian access will be provided through dedicated gates. The project also includes a video surveillance system with IP cameras installed at the entrances to the stairwells and at the vehicle entrance to the parking area.
“It is important for buyers to know what their home will look like, but also exactly what they will receive. The financing secured and the finalization of these supplier contracts give us predictability both in terms of execution and the standard of the finished product,” adds Cristian Stanciu, CEO of the HORIZON CITY project.
The acceleration of HORIZON CITY is taking place in parallel with the expansion of British investor Ghai Sant Ram’s portfolio in Romania. Recently, through Ghai Family Holding, he acquired from businessman George Becali a plot of approximately 30,000 square metres located near Pipera Plaza. The transaction was valued at approximately €14.3 million, and the land was acquired together with the permit for the development of a large-scale real estate project.
“Alongside the acceleration of HORIZON CITY, we are already preparing the next development. In the immediate period ahead, we will begin clearing and fencing the land acquired from George Becali, as well as setting up the construction site. This is a natural continuation of Ghai Sant Ram’s investment strategy in Romania and a clear signal that we are talking about long-term investment and development in northern Bucharest,” says Cătălin Apetri, CEO and Founder of CGA Home Consulting and Development Director for Romania for investor Ghai Sant Ram.
With 1,188 apartments at IVORY RESIDENCE, 699 units at HORIZON CITY and approximately 650 homes planned in the recently acquired new project, the investor’s residential portfolio in Romania exceeds 2,500 units.
