OCTAGON HAS ONGOING INFRASTRUCTURE PROJECTS WORTH AROUND 3 MIL. EURO IN 2014

Press      release                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                     September 10^th 2014

Bucharest, September 10^th 2014:  OCTAGON CONTRACTING & ENGINEERING, one of the major players on the geotechnical and civil construction markets in Romania, has won road infrastructure projects worth around 3 million euro in 2014. 

      Four road infrastructure contracts

      Geotechnical works

      Locations: Craiova, Slobozia, Lugoj- Deva

“Even if infrastructure has not been a priority for public investments this year and the market is not going through a dynamic period, we have four new ongoing projects and we are continuing works at the rehabilitation of Brasov- Simeria railroad, a project started in 2012.  But the perspectives for infrastructure development are positive. After four years of slowdown, the infrastructure will inevitably become the engine of the construction market development.” said Mr. Alexandros Ignatiadis, co-founder and shareholder of OCTAGON CONTRACTING & ENGINEERING.

OCTAGON is geotechnical construction contractor at one of the most important infrastructure projects in Bucharest: ”The underground road passage from Piata Presei”, where the company is building diaphragm walls.  The passage will have a total length of 550 meters and two exits. One of the exits will lead to Kiseleff Road and the second one will lead to Marasti Blvd.,  allow crossing the area on any direction and subsequently connect public ground transport, the railway line and the bus lines, with the station of the future metro line 6. The purpose of the passage is to streamline the traffic in one of the most crowded areas of the capital.  

Another important project under construction, within which OCTAGON is working, is Lugoj- Deva Highway. The company is building bored piles for sections A, D and E, sector 2. The highway will stretch over 100 km on delivery.  Sector 2 will be 28 km long.

OCTAGON is performing foundation works: bored piles and sheet piles at the project “Passage over the rail road km 5 + 343” in Craiova.

The fourth project started this year by OCTAGON is  “Functional rehabilitation of Revolutiei Square from Slobozia”. The company is part of ACM4- Romprest- TIAB- OCTAGON Consortium and is performing geotechnical works: metal sheet piles and drilling for dewatering systems, within a parking lot project.

OCTAGON CONTRACTING & ENGINEERING (www.octagon.com.ro ) is a Romanian company set up

in 2005, headquartered in Bucharest. The company also has a branch in Baghdad (Iraq).  With a 19.6 million euro in 2013, large scale projects in Romania, Iraq, Greece, Turkey and Bulgaria, OCTAGON is one of the main players in the civil and geotechnical construction sectors, in Romania. The company has become active in the infrastructure sector in the past five years, when it started contracting important projects.

 

Among the reference works performed by OCTAGON in Romania there are: the office complex Green Court Bucharest (Gara Herastrau Street- Bucharest), the tallest office building in Bucharest Sky Tower (Barbu Vacarescu Blvd.), the office building Olympia Tower (Decebal Blvd.- Bucharest) and the Combined Cycle Power Plant 867 MW OMV- Petrom (Brazi- Prahova county).

Contact

OCTAGON CONTRACTING & ENGINEERING

Corina Ilie

Public relations specialist

Tel: (+40) 769 249 286

E-mail: c.ilie@octagon.com.ro

DTZ: Modern office space in Bucharest reaches 2 mil sqm. OCTAGON to deliver two more buildings in 2014

Modern office space stock in Bucharest reached 2.114 million sqm, at the end of June, around 3% of this area accounting for new office space deliveries. In 2014, 132,000 sqm of office spaces will be delivered, approximately 60% of this area being pre-leased. In the first half of the year five office buildings were delivered, with a total area of 68,500 sqm, most of them being located in the west of the capital.

Hermes Business Campus

OCTAGON CONTRACTING & ENGINEERING has been one of the main office space constructors in the past two years. The company has started the year by delivering building B of the office complex Hermes Business Campus (5- 7 Dimitrie Pompeiu Blvd.), were OCTAGON was general contractor. By the end of 2014 OCTAGON will complete another two office projects: PC Business Center (7- 9 Bucharest- Ploiesti Road), where the company performed infrastructure works and is currently performing superstructure works consisting in concrete superstructure works (encasing, reinforcement, concreting) and metal structure works at building B of the complex Green Court Bucharest (2- 4 Garii Herastrau St).

Office building vacancy rate in Bucharest has slightly declined this year to 15.7%, 330,000 sqm being vacant, although a record rental volume was registered in the first six months. Most of the rental volume was generated especially by relocations, according to real estate consultants DTZ Echinox. Vacancy rate dropped by one percent quarter on quarter, reaching 15.7% at the end of H 1 2014. This is a 0.8 per cent

PC Business Center

decline on the same period of last year, when the vacancy rate was 16.5%.

Right now there are 333,000 sqm of free office spaces in Bucharest, over 30% of them being located in Pipera. Yet, the highest occupancy rate decline quarter on quarter was registered in Pipera, against the other areas in Bucharest - 4%, at the end of the first semester. The vacancy rate in Pipera is now 21%. In Pipera Sud area (Dimitrie Pompeiu St.) the vacancy rate is 8.5%, while in CBD (the central business area) and in west, the vacancy rates stands at 8%, reads a DTZ Echinox press release.

The center- north area has a vacancy rate of 16%, while Barbu Văcărescu – Floreasca area, with a 254,000 sqm stock, reached a vacancy rate of 14% at the end of the first semester.

Green Court Bucharest

The total volume of rented office spaces reached 108,000 sqm in the first half of the year, 25% higher than the volume reported for the same period of 2013. This is the highest rental volume registered within a semester, since 2008, without taking into account the investment made in 2010 by Petrom in its own office building.

Relocation transactions keep dominating the market, accounting for 72% of the total rental volume. New demand – expansions and new comers on the construction market – is 40% above the value registered in the same period of last year and accounts for 28% of the total rental volume.

Prime rents remained stable in the first six months of the year, with variations from 16-18 euro/sqm/month in the central business area, to 15-17 euro/sqm/month in center- north, declining to 12-15 euro/sqm/month in semi- central areas, and to 9 - 12 euro/sqm/month on the outskirts.

For more information click HERE. 

OCTAGON CONTRACTING & ENGINEERING

Phone: (+4)021.232.39.20

See on map