Hagag Development Europe Secures Construction Permit for Phases II and III of H Pipera Lake Residential Project

Real estate developer Hagag Development Europe has received the construction permit for phases II and III of its large-scale residential complex, H Pipera Lake. The company is now starting the execution of the first five buildings of this new development stage, with an estimated completion time of approximately 24 months.

Notably, 52% of the apartments set to be delivered in this phase are already reserved or pre-contracted, underlining the continued demand for the project.

The investment in the 11 residential buildings included in phases II and III, along with the related infrastructure, amounts to €113 million, bringing the total development cost of the entire H Pipera Lake project to over €150 million.

“Obtaining the construction permit marks a significant milestone for our team, as well as for the local residential market—especially at a time when the delivery of new apartments is limited and demand continues to outpace supply. H Pipera Lake has proven to be a highly attractive development since its first stage, offering residents a modern living environment away from the city's hustle, yet well connected to daily urban life,” said Andreea Dumitru, Chief Marketing Officer at Hagag Development Europe.

“We’re beginning construction on phase II with more than half of the units already sold or reserved, which clearly shows the sustained interest for the Pipera area,” she added.

First Retail Component Nears Completion

The first retail component of the complex is also nearing completion, with 1,000 sqm of commercial space set to be delivered in the coming months. A second retail area, totaling approximately 1,400 sqm, is planned to be delivered alongside buildings H15 and H16 in the final stage of development (Phase III).

Located in northern Bucharest, with direct access to Lake Pipera and Pipera Boulevard, the H Pipera Lake residential project spans a land area of approximately 55,000 sqm. Upon completion, the complex will feature:

• 16 residential buildings
• Over 1,400 apartments (studios, one- and two-bedroom units)
• 1,740 parking spaces across two underground levels and one above ground
• More than 18,500 sqm of green space
• A lakefront promenade with playgrounds and outdoor fitness areas
• 2,400 sqm of commercial space targeting community-serving businesses

A Sustainable, Community-Oriented Development

H Pipera Lake is designed in accordance with nZEB (nearly Zero-Energy Building) standards, featuring photovoltaic panels and electric vehicle charging stations. Residential units range between 44 and 80 sqm usable area, each with either private terraces or gardens.