Building land for Sale

# Ready-to-Develop Residential Project with Building Permit, Sea Views and Construction Underway

### Western Istria, near Umag | Four Premium Apartments | Exceptional Investment Opportunity

A rare opportunity to acquire a partially completed residential development project in one of the fastest-growing property markets in Istria. Located in a peaceful residential area near Umag, this project combines a fully approved development with substantial completed works, significantly reducing development risk while offering excellent profit potential.

The project comprises a modern residential building with four premium apartments, offering a gross internal area of approximately 423 m2, situated on a 499 m2 building plot. The approved concept includes an underground garage, wellness area, fitness room, swimming pool and jacuzzi. Both one first-floor apartment and the penthouse are designed to enjoy beautiful sea views.

A valid building permit has been issued and construction is underway. Excavation works together with the reinforced concrete structure of the underground garage have been completed, providing the future investor with a considerable head start.

An independent court-certified valuation has assessed the current value of the project in its present condition at approximately 441,000, while the property is offered for sale at only 370,000, representing an attractive acquisition below its professionally assessed value.

The estimated investment required to complete the development is approximately 800,000, resulting in a total project investment of around 1.17 million. Based on current market conditions and comparable premium developments in the area, the completed project is expected to achieve an estimated market value of approximately 1.6 million, offering compelling potential for both developers and long-term investors.

There are no outstanding obligations relating to paid infrastructure contributions or completed construction works. The property benefits from complete infrastructure already available on site and is subject to VAT, which may provide significant advantages for eligible investors.

## Key Features

• Residential development project with 4 premium apartments
• Gross internal area: approx. 423 m2
• Building plot: 499 m2
• Valid building permit
• Construction underway
• Excavation and underground garage structure completed
• Underground garage
• Wellness area
• Fitness room
• Swimming pool
• Jacuzzi
• Sea views from the penthouse and one first-floor apartment
• Court-certified current valuation: approx. 441,000
• Asking price: 370,000
• Estimated completion investment: approx. 800,000
• Estimated total project investment: approx. 1.17 million
• Estimated completed market value: approx. 1.6 million
• No outstanding obligations relating to paid infrastructure contributions and completed construction works
• Documentation prepared for future individual apartment sales
• Excellent development, resale or rental investment
• The property is subject to VAT

## Utilities

• Electricity
• Municipal water supply
• Municipal sewage system
• Telephone connection
• Asphalt access road

## Viewings

Private site viewings can be arranged by appointment.

Your satisfaction is our mission. We look forward to future collaboration!

Property viewings are organized upon prior signing of a brokerage agreement, in accordance with the Real Estate Brokerage Act.

The brokerage commission is 3% + VAT and is payable upon signing the preliminary or final purchase agreement.

https://realestateistria.eu

Built on trust. Defined by results.

ID CODE: ALG-4099

Alpha Luxe Group d.o.o.
Mob: +385 95 363 1894
Tel: +385 52 204 933
E-mail: info@alphaluxegroup.com
https://alphaluxegroup.com

Robert Budimir
Agent s licencom
Mob: +385 95 363 1892
Tel: +385 52 204 933
E-mail: robert@alphaluxegroup.com
https://alphaluxegroup.com