The economic growth continues its positive trend into 2015 and the Romanian economy is predicted to grow with 3% per year in 2016 and 2017 as well. Industrial production and retail turnover are expected to rise as well, and this growth is set to be accompanied by increases in employment and real wages. The cumulative impact of these factors on the construction market overall is awaited to be quite benefic.

1. FORECAST
REPORT
ROMANIA
UNTIL 2017

2. ROMANIA © 2015 EECFA 02
This Forecast Report was written by
EBUILD srl, Romanian member institute of EECFA
Mr Sebastian Sipos-Gug
T: + 40 359 466 330
ebuild@eecfa.com
www.ebuild.ro
Editor: EECFA
Analytical approach and methodological background:
Dr Aron Horvath – EECFA Research – ELTINGA
Janos Gaspar – EECFA Research
www.eltinga.hu
www.eecfa.com
Copyright shall be held by EECFA, Winter 2015

3. ROMANIA © 2015 EECFA 03
CONTENT
04 _ Summary
05 _ Summary: Forecast revision
06 _ Forecast table 1 | macro figures
07 _ Forecast table 2 | construction summary figures
08 _ Residential construction | graph
09 _ Residential model | graph
10 _ Residential construction | graph, text
13 _ Forecast table 3 | residential figures
14 _ Office construction | graph
15 _ Office construction | graph, text
17 _ Retail and wholesale construction | graph
18 _ Retail and wholesale construction | graph, text
21 _ Industrial and warehousing | graph
22 _ Industrial and warehousing | graph, text
24 _ Hotel construction | graph
25 _ Hotel construction | graph, text
26 _ Education- and Health-related construction | graph
27 _ Education- and Health-related construction | graph, text
29 _ Other non-residential | graph, text
30 _ Forecast table 4 | non-residential figures
31 _ Road construction | graph, text
34 _ Railway construction | graph, text
36 _ Other transport infrastructure | graph, text
37 _ Energy, pipeline, cable construction | graph, text
38 _ Public utility | graph, text
39 _ Forecast table 5 | civil engineering figures
40 _ Project data | table

4. ROMANIA SUMMARY © 2015 EECFA 04
2001 2017
35% of total construction
Renovation ratio* 11%
(2014)
*Renovation / Total
Residential (at constant price)
2001 2017
25% of total construction
Renovation ratio 16%
(2014)
Non-Residential (at constant price)
2001 2017
40% of total construction
Renovation ratio 27%
(2014)
Civil engineering (at constant price)
SUMMARY The economic growth continues its positive trend
into 2015 and the Romanian economy is predicted
to grow with 3% per year in 2016 and 2017 as well.
Industrial production and retail turnover are expected
to rise as well, and this growth is set to be accompa-
nied by increases in employment and real wages. The
cumulative impact of these factors on the construction
market overall is awaited to be quite benefic.
Residential construction has increased in 2015, and is
foreseen to continue this trend in the future as well.
Larger income, lower mortgage rates and state guar-
anteed loans have helped the recovery of the market
for new homes. While development is still relatively
timid, the share of multi-unit buildings is increasing
and so is the average size of new houses. With prices
stable and rents on a declining trend, speculative
investment into residential projects will likely increase.
Non-residential construction has contributed to the sta-
bilization of the construction market, and is forecasted
to be on a positive trend in 2016 and 2017. The main
drivers of this sector are office construction, expected
to remain on a small positive trend, and industrial and
transport construction, also hoped to grow over the
forecasted period. Retail construction is to remain rel-
atively stable; however, beyond 2017 a decline is likely
in large-scale commercial construction.
Civil engineering was plagued by funding issues and
delayed projects, thus it declined in 2014. 2015 has
performed better, due to fears of losing EU funding on
ongoing projects and political pressure. However, we
expect 2016 to mark a new decline period, as transi-
tion between EU financial exercises will mean delays
and halted construction works. Political instability due
to the elections will divert funding away from infra-
structure investments. The situation should recover in
2017, when stability will be achieved, phased projects
will continue and new investments will start.
Macro outlook until 2017 Population (20-29 age group) GDP Private consumption Industrial production Employment Income Financial conditions
GREEN: POSITIVE GREY: NEUTRAL RED: NEGATIVE

5. ROMANIA Summary: forecast Revision © 2015 EECFA 05
All data for 2013 have been changed due to the revision
of official data for the year. In general, this has led to
lower figures than previously reported; however, long
term trends have remained largely unaffected by this
update.
Residential forecast has been revised in the light of new
data for 2014 and the change of several factors, the
most important being the number of permits issued
for new construction. While final information regarding
construction output in 2014 is not final yet, preliminary
data influenced our decision to move our estimate
upwards. At the same time, increases in issued permits
and expected income levels have made us adjust our
forecast for 2016 and 2017 upwards.
In case of non-residential construction, we have also
made several adjustments. Office growth rates for 2016
and 2017 have been raised because of increased activity
on the market and the evolution of the employment
indicators in the field. Small changes have also occurred
in case of the rest of the non-residential segments, which
are attributable to the dynamics of ongoing and planned
projects rather than to the long-term trend change.
For civil engineering, our forecast has generally been
adjusted slightly downwards, due to a combination of
factors. Firstly, EU funding absorption from the 2007-2013
exercise has been lower than hoped. Secondly, the entire
year has been marked by political instability, culminating
with the change of government in November. This will
influence national budgets for 2016, the finalization of
ongoing projects, and will cause delay in the start of new
projects from the 2014-2020 exercise. Moreover, 2016 will
be negatively impacted by the election year effects. And
last, but not least, calls for proposals for infrastructure
projects in the 2014-2020 exercise are set to start earliest
in 2016, which means that, with the exception of phased
projects, construction will greatly be reduced.
SUMMARY:
FORECAST
REVISION
2011 20172014
Residential (index 2011 = 100)
2011 2017
Non-Residential (index 2011 = 100)
Current forecast Previous forecast
2014 2011 2017
Civil engineering (index 2011 = 100)
2014

6. ROMANIA FORECAST TABLE 1 © 2015 EECFA 06
FORECAST TABLE 1
ROMANIA
MACRO CONDITIONS AND DEVELOPMENTS 2007 2008 2009 2010 2011 2012 2013 2014 2015(F) 2016(F) 2017(F)
POPULATION (´000) 21 131 20 635 20 440 20 295 20 199 20 096 20 020 19 947 19 898 19 858 19 813
POPULATION AGE GROUP 20-29 YEAR (´000) 3 160 2 921 2 726 2 701 2 677 2 659 2 618 2 585 2 548 2 500 2 431
GDP GROWTH (%) 6.9 8.5 -7.1 -0.8 1.1 0.6 3.4 2.9 2.8 3.0 3.3
PRIVATE CONSUMPTION GROWTH (%) 14.2 7.1 -10.5 1.0 1.0 0.8 1.1 5.0 3.0 2.7 2.5
RETAIL TURNOVER (%) 20.4 18.5 -9.4 -7.3 -1.1 4.3 0.6 6.5 5.8 2.3 1.8
INDUSTRIAL PRODUCTION (%) 10.2 2.1 -4.9 4.9 8.1 2.5 7.5 6.4 3.3 5.9 6.2
EMPLOYMENT (´000) 8 820 8 835 8 717 8 713 8 528 8 605 8 549 8 614 8 640 8 674 8 718
REAL WAGE GROWTH (%) 14.7 16.5 -1.5 -3.7 -1.9 1.0 0.8 6.4 7.6 6.2 2.6
CONSUMER PRICE INDEX (%) 4.8 7.9 5.6 6.1 5.8 3.3 4.0 1.1 -0.5 0.5 2.7
INTEREST RATE ON NEW HOUSING LOANS (% P.A.) 8.2 8.5 8.6 6.2 6.3 5.5 5.5 5.4 4.3 3.9 3.5
1 EUR IN RON 3.3 3.7 4.2 4.2 4.2 4.5 4.4 4.4 4.5 4.4 4.4

7. ROMANIA FORECAST TABLE 2 © 2015 EECFA 07
FORECAST TABLE 2
ROMANIA
VALUE
(RON MLN)
VALUE
(EUR MLN)
GROWTH RATES AT CONSTANT PRICE (%)
CONSTRUCTION MARKET SIZE
AND DEVELOPMENT
2014 2014 2007 2008 2009 2010 2011 2012 2013 2014 2015(F) 2016(F) 2017(F)
RESIDENTIAL
NEW 18 878 4 247 -26.2 -14.3 -21.3 11.0 -17.0 12.5 9.0 15.9 10.3
RENOVATION 2 310 520 -4.7 -16.2 5.4 -1.2 27.8 -24.4 4.7 7.1 3.7
TOTAL 21 188 4 767 50.9 11.2 -24.6 -14.4 -18.9 9.6 -12.3 6.8 8.5 15.0 9.6
NON-RESIDENTIAL
NEW 12 686 2 854 -17.9 -13.6 14.0 -22.4 -13.6 6.0 7.9 6.0 5.5
RENOVATION 2 352 529 -11.9 -31.2 16.9 -11.0 -10.6 -0.5 7.9 6.0 5.5
TOTAL 15 038 3 383 18.1 33.0 -17.0 -16.6 14.4 -20.7 -13.1 4.9 7.9 6.0 5.5
BUILDING
CONSTRUCTION
NEW 31 564 7 102 -23.1 -14.0 -7.1 -5.5 -15.6 9.8 8.5 12.0 8.5
RENOVATION 4 662 1 049 -8.9 -24.8 11.5 -6.6 7.6 -14.0 6.3 6.6 4.6
TOTAL 36 225 8 150 37.2 19.0 -21.6 -15.4 -5.0 -5.6 -12.6 6.0 8.2 11.3 8.0
CIVIL ENGINEERING
NEW 17 474 3 932 -5.5 -2.1 -1.1 -9.6 -7.8 -15.1 11.5 -3.8 6.0
RENOVATION 6 557 1 475 -11.1 -11.5 2.6 4.2 -15.8 -15.3 11.2 -4.0 5.7
TOTAL 24 031 5 407 26.8 27.0 -7.1 -4.7 -0.2 -6.0 -10.2 -15.2 11.4 -3.8 5.9
TOTAL CONSTRUCTION OUTPUT 60 256 13 557 33.4 21.8 -16.3 -11.0 -2.9 -5.8 -11.5 -3.6 9.5 5.1 7.2

8. RON 0bln
RON 5bln
RON 10bln
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RON 20bln
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RON 30bln
RON 35bln
RON 0bln
RON 5bln
RON 10bln
RON 15bln
RON 20bln
RON 25bln
RON 30bln
RON 35bln
21.2(RONbln)
4.8(EURbln)
58% of building construction
is residential (2014)
Forecast
Residentialoutput(at2014price)
Long-termtrendestima
tion
RESIDENTIAL CONSTRUCTION
47% 116% 9% 12% 48% 51% 11% -25% -14% -19% 10% -12% 7% 9% 15% 10%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
08ROMANIA ResidentIal Construction © 2015 EECFA

9. RON 0bln
RON 10bln
RON 20bln
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RON 40bln
RON 50bln
RON 0bln
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RON 30bln
RON 40bln
RON 50bln
RESIDENTIAL
MODEL
COMBINED TREND OF DEMOGRAPHY AND INCOME
Demographic trends continue to be unfavorable,
as the population is decreasing steadily. Income
however keeps the trend upward, as real wages and
employment are expected to increase.
INTEREST RATE ON HOUSING LOANS
Under pressure from BNR, interest rates continue to
decrease. New housing loans for the first 8 months of
2015 surged with almost 50% (0.5 billion EUR) when
compared to the same period of 2014.
PROFIT MARGIN (HOME PRICE/CONSTRUCTION COST)
Both prices and construction costs are continuing to
be relatively stable, after a long period of decreasing
profit margins. Demand is slowly picking up, causing
increased interest from investors.
PERMIT ('000 HOMES)
Permits continue to be on an upward trend. H1 2015
saw a 21% hike in permits over the same period in
2014. Much of this increase is again attributable to
multi-unit construction.
2015(e)2002
69
119
2015(e)2002 2017200220172002
4%
INDICATORS CONSIDERED BY THE MODEL
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
IN THE LONGER RUN WE THINK THAT OUTPUT TENDS TO DIRECT TOWARDS ITS LONG-TERM TREND
(THE GRAPH ON THE BOTTOM RIGHT CORNER), DEFINED BY INCOME AND DEMOGRAPHIC TRENDS. IF
THEY PLAY A HUGE ROLE, GOVERNMENTAL INTERVENTIONS ARE ALSO CONSIDERED.
THE MODEL SUGGESTIONS ARE EVALUATED BY THE
NATIONAL RESEARCHER TAKING INTO CONSID-
ERATION INTRA-YEAR FIGURES LIKE PERMIT,
COMPLETION, PRODUCTION INDEX, REGULATORY
CHANGES, ETC. SHORT TERM FIGURES ARE SET SO.
DOTTED LINES SHOW WHAT
THE MODEL WOULD HAVE
SUGGESTED ABOUT THE
NEXT 3 YEARS
09ROMANIA Residential model © 2015 EECFA

10. ROMANIA Residential construction © 2015 EECFA 10
Residential construction has returned to an upward
trend, with most indicators predicting strong growth
in 2016 and 2017. While fear of another "bubble" is still
restraining some developers, increases in real wages
and advantageous loaning rates lead to hiked demand
and construction activity.
Permits for residential construction have continued to
increase in number in 2015, with the first eight months
of the year outperforming the equivalent period in 2014
by 8% in raw numbers and 20% in useful area. This
confirms our prediction that the market will return
to higher surfaces/building because of increases in
income and relaxed loan rates. When looking at the
type of permitted building, we see a rise in the share
of multi-unit buildings, while the number of permits
for one-family houses is actually lower in 2015 than in
2014.
After a slight drop in 2014, we expect home comple-
tion to pick up in 2015 and continue an upward trend
into 2016 and 2017. The share of multi-unit building is
predicted to increase; after bottoming at around 25% in
2013, we estimate it will reach around 35% in the fore-
casted period. The average useful area per dwelling
is also forecasted to grow as developments in govern-
ment subsidy programs encourage owners to relocate
to larger homes. At the same time, income increase will
open more opportunities to do so.
Investors are regaining confidence in the residen-
tial development market and several projects having
been on hold for several years are now undergoing or
have been completed. An example in this case is Cor-
tina Residence project with 270 flats, which has been
completed in 2015, though started in 2007 and stopped
due to bankruptcy of the developer. At the same time,
an increasing number of projects are underway or
planned to start in the next two years.
The proportion of renovation works in total residential
construction is on a downwards trend. Albeit a large
RESIDENTIAL
CONSTRUCTION
2001 2017
48
31
Completion ('000 dwellings)
Total numb
erofdwelings
1dwelling buildings

11. ROMANIA Residential construction © 2015 EECFA 11
number of the dwelling stock is old (65% of them con-
structed before 1978), a small number of buildings has
been rehabilitated and made energy efficient. Accord-
ing to the current goals of the Romanian government,
around 120000 buildings are planned to undergo
investments into energy efficiency by 2023, with the
help of FEDR funding.
Real estate prices have begun to increase after bot-
toming out in 2014. In Q3 2015, the hike was 5%, when
compared to the same period of 2014 (according to the
IMO index by imobiliare.ro), and in the future we expect
prices to be on a modest upward trend. As detailed in
the previous report, many of the repossessed homes
and speculative developments from 2008-2014 have not
been sold, due to low market prices, and have instead
been leased. However, with rents on a downward trend,
and dwelling prices going upward, an increasing num-
ber of these buildings will be sold instead; therefore,
offer will continue to exceed demand in the next two
years. Thus, a sudden and significant surge in prices
is unlikely.
Romania's population continues to decline, especially
in the 20 to 29 segment. While birth rates remain rel-
atively stable, the younger population has a tendency
to migrate to another EU state after graduating high
school or college. This has a mixed impact on demand
for new homes. On the one hand, the population’s
migration reduces the need for new homes, though a
portion of young emigrants returns to Romania and
invests their savings into real estate. Income trends
however continue to favor a positive outlook for the
construction market. Increases in net income coupled
with raised employment should lead to more demand
for new and larger homes.
Interest rates for mortgages remain on a downward
trend, due to the pressure from the National Bank,
and will likely remain so for the forecast period. The
RESIDENTIAL
CONSTRUCTION
2015 2016 2017 2018
Ongoing and planned Residential construction projects
Neo Laguna Residence | Ovidiu, South-East region | 191,000 sqm
Basarabia Residence | Bucharest, sector 3 | 89,000 sqm
Cartierul Solar phase 2 | Bucharest, sector 4 | 50,000 sqm
Residential park | Bucharest, sector 5 | 1,800 flats
AFI City Bucureştii Noi phase 2 | Bucharest, sector 1 | 1,688 flats
Pacii Residence Phase 2 | Bucharest, sector 6 | 1,164 flats
Residential park | Bucharest, sector 1 | 100,000 sqm | 600 flats
Neo Peninsula Residences | Bucharest, sector 2 | 120,000 sqm | 3,400 flats
Frumusani Residential Park | Frumusani, South region | 2,850 flats
Brown Residence Metalurgiei Phase 2 | Bucharest, sector 4 | 50,000 sqm | 500 flats
Straulesti Lake Residence | Bucharest, sector 1 | 139,000 sqm
Nordic Residence Park | Dumbravita, West region | 50,000 sqm
One Herăstrău Park Residence | Bucharest, sector 1 | 27,000 sqm
Cosmopolis Phase 4 | Stefanesti de Jos, Bucharest-Ilfov region | 800 flats
Cartier Orizont phase 3 | Buzau, South-East region | 130,000 sqm
Condominiums | Craiova, South-West region | 182,000 sqm
Metalurgiei Park Residence Phase 1 | Bucharest, sector 4 | 185,000 sqm
Bujorului Residence | Craiova, South-West region | 28,000 sqm | 230 flats
Avantgarden 3 phase 2 | Brasov, Center region | 55,000 sqm
SOURCE: IBUILD.INFO

12. ROMANIA Residential construction © 2015 EECFA 12
National Bank controls much of the mortgage marked
by means of the ROBOR index. Loans through the gov-
ernment program "Prima Casa" (accounting for more
than 60% of total mortgage loans granted in 2014, and
around 50% of outstanding mortgages in 2015) provide
banks with state guarantees in exchange for obeying a
fixed interest rate, tied to ROBOR.
Several public policy changes will also have an impact
on the residential construction market:
• The "Prima Casa" program might not continue into
2016. Financial risk indicators for the program are
higher than average and political support for it has
been low in 2015. The suspension or the cancella-
tion of the program will have a negative impact on
the market, yet, currently there is a relative degree
of stability that would prevent any major long-term
consequences.
• Real estate taxes are set to increase in 2016 with
around 25% for homes, reaching between 0.1% and
0.2% of the value of the building. The impact of this
measure on residential construction will relatively
be low (average yearly tax would reach around
1%-2% of average yearly income). However, coupled
with new surface area calculation (built versus use-
ful) and taxation of the land under the building, it
might lead to more built multi-unit and multi-level
buildings.
RESIDENTIAL
CONSTRUCTION

13. ROMANIA FORECAST TABLE 3 © 2015 EECFA 13
FORECAST TABLE 3
ROMANIA
RESIDENTIAL CONSTRUCTION 2007 2008 2009 2010 2011 2012 2013 2014 2015(F) 2016(F) 2017(F)
COMPLETED DWELLINGS
(´000 UNIT)
1 DWELLING BUILDINGS 33.8 33.3 37.0 35.5 33.5 32.1 32.2 28.4 30.6 32.7 36.1
2+ DWELLING BUILDINGS 13.5 33.9 25.5 13.3 11.9 11.9 11.4 14.1 17.2 18.3 20.1
TOTAL 47.3 67.3 62.5 48.8 45.4 44.0 43.6 42.6 47.8 51.0 56.2
COMPLETED DWELLINGS
(´000 UNIT)
1 ROOM 3.9 5.3 5.3 3.3 2.8 3.2 2.5 2.6 2.9 3.1 3.4
2 ROOM 8.7 16.7 14.7 9.2 8.4 8.6 8.9 8.9 10.2 11.2 12.7
3+ ROOM 34.7 45.2 42.5 36.4 34.1 32.3 32.2 31.2 34.7 36.7 40.1
TOTAL 47.3 67.3 62.5 48.9 45.4 44.0 43.6 42.6 47.8 51.0 56.2
CONSTRUCTION PERMITS (´000 DWELLINGS) 87.6 118.6 65.9 55.3 49.2 49.8 51.2 60.3 69.0 75.9 82.0
RESIDENTIAL STOCK (MILLION DWELLINGS) 8.23 8.27 8.33 8.38 8.43 8.47 8.51 8.51 8.55 8.58 8.61
HOME OWNERSHIP RATE (%) 97.7

14. 21% 45% 104% 5% 10% 48% 49% 12% -24% -14% -19% -3% 3% 8% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
RON 0bln
RON 5bln
RON 10bln
RON 0bln
RON 5bln
RON 10bln
Officeoutput(at2014price)
Forecast
18% of building construction
is office (2014)
Long-term trend estimation
6.6(RONbln)
1.5(EURbln)
OFFICE CONSTRUCTION
22% -5% 3% 6% 14% 1% 74% 7% -17% 2% -20% -3% 4% 7% 8% 8%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
14ROMANIA office construction © 2015 EECFA

15. ROMANIA Office Construction © 2015 EECFA 15
OFFICE
CONSTRUCTION
The trend for office construction continues to be pos-
itive into 2015 and growth is expected to continue in
2016 and 2017. As almost one-half of the population is
employed in the services sector, demand for adminis-
trative spaces continues to be high.
Permits for office buildings continued their recovery
into H2 2015, with the first three quarters marking
and increase of 9% in the number of permits and 24%
in the useful permitted area over the same period of
2014. We predict this evolution to consolidate into an
upward trend into 2016 and 2017 as well. Of note is
the increasing average area per permit, indicating that
more large-scale projects are being considered.
As previously mentioned, the most active location
for office construction is the capital city, Bucharest.
Completion here for H1 2015 has been of around
45-60 thousand sqm GLA, and by the end of the year
we estimate around 120-140 thousand sqm GLA to
be delivered (sources: Jones Lang LaSalle, CBRE
Research), marking a slight improvement over 2014.
Currently there are an additional 300000sqm GBA of
office spaces under construction in Bucharest, to be
delivered in 2016, and a further 77500sqm GBA to
be delivered into 2017. Another 300000sqm GBA are
planned to start construction in 2016, with delivery
dates in 2017. We therefore expect 2016 and 2017 to
outperform 2015 in Bucharest.
In the rest of the country, Cluj Napoca continues to be
the most active location with 77000sqm GBA com-
pleted in four projects in 2015. The largest of these
projects, phase 2 of ”The Office” covers nearly half
the completion (31600sqm GBA), and will be followed
by phase 3 with the same scale, to be delivered in 2016.
The project is representative for most of the ongoing
and planned projects in Romania, featuring a focus on
energy efficiency and sustainability (BREEAM certified).
2002 2015(e)
148
Permit ('000 m2
)

16. ROMANIA Office Construction © 2015 EECFA 16
OFFICE
CONSTRUCTION
Rents in Bucharest are almost twice as much as in
smaller cities, and they are stable when compared to
previous years (source: Jones Lang LaSalle). Vacancy
has decreased in 2015, but as completion is to go up
in the near future, it should grow steadily back to its
regular levels (source: CBRE Research).
As mentioned in the previous reports, the most active
subsection in the Romanian office sector is related to
IT&C. The growth of this sector has been steady and
is expected to continue so in the future, backed by the
availability of qualified workers and engineers and the
high level of IT&C infrastructure. A notable example in
this regard is Cluj Napoca, which, with a strong engi-
neering university coupled with high levels of local
development, has doubled its number of workers in
the field since 2010, and nearly tripled it against 2008.
2015 2016 2017
Ongoing and planned Office projects
Neocity Business Center | Voluntari, Bucharest-Ilfov region | 63,000 sqm | GLA: 41,000 sqm
Cotroceni Office Tower | Bucharest, sector 6 | 20,000 sqm
Complex Park Plaza | Timisoara, West region | 70,000 sqm
AFI Business Park Bucharest | Bucharest, sector 5 | 60,000 sqm | GLA: 50,000 sqm
Orhideea | Bucharest, sector 6 | 80,000 sqm
Orhideea Towers | Bucharest, sector 6 | 77,500 sqm
Globalworth Campus | Bucharest, sector 2 | 105,000 sqm
Floreasca Center | Bucharest, sector 1 | 50,000 sqm
The Office, phase 3 | Cluj-Napoca, North-West region | 31,600 sqm | GLA: 18,000 sqm
Green Court Bucharest Phase 3 | Bucharest, sector 2 | 16,000 sqm
Oregon Park phase 1 | Bucharest, sector 2 | 80,000 sqm | GLA: 70,000 sqm
Victoriei Office | Bucharest, sector 1 | 16,000 sqm | GLA: 8,000 sqm
Complex Timpuri Noi Phase 1A | Bucharest, sector 3 | 104,000 sqm
Anchor Plaza Metropol finishing works | Bucharest, sector 6 | 58,000 sqm | GLA: 36,000
Hermes Business Campus building C | Bucharest, sector 2 | 50,000 sqm
The Landmark | Bucharest, sector 1 | 26,500 sqm | GLA: 19,000 sqm
AFI Park Phase 4 and 5 | Bucharest, sector 6 | 40,000 sqm
Countrywide almost 700000sqm GBA are currently
under construction and another 600000sqm GBA are
in the planning stages, all of which to be delivered
by 2018. The geographical distribution of these pro-
jects tends to favor Bucharest (900000sqm GBA to be
delivered by 2017), however, the rest of the country is
showing signs of improvement.
Demand for office spaces is highest in Bucharest due
to several factors: size of the city, proximity to institu-
tions and other companies, international access and
qualified worker base. However, demand will increase
in other major cities (Cluj Napoca, Timisoara, and
Brasov) due to the expansion of companies and lower
costs (salaries in Bucharest tend to be 30% higher than
the average).
SOURCE: IBUILD.INFO

17. 21% 45% 104% 5% 10% 48% 49% 12% -24% -14% -19% -3% 3% 8% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
RON 0bln
RON 1bln
RON 2bln
RON 3bln
RON 4bln
RON 0bln
RON 1bln
RON 2bln
RON 3bln
RON 4bln
Forecast
3% of building construction
is commercial (2014)
Long-term trend estimation
Commercialoutput(at2014price)
0.3(EURbln)
1.2(RONbln)
RETAIL AND WHOLESALE CONSTRUCTION
15% 47% 32% 8% 47% 16% 55% -46% -10% 9% -44% -10% -2% 2% 1% 1%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
17ROMANIA Retail and wholesale construction © 2015 EECFA

18. ROMANIA Retail and wholesale construction © 2015 EECFA 18
RETAIL AND
WHOLESALE
CONSTRUCTION
After a period of decline since 2008, we foresee
retail and wholesale construction to return to an
upward trend starting with 2015 and into 2017. Eco-
nomic growth, increasing real income as well as a
more relaxed tax rate for some goods will encourage
investments in this area.
Permits for commercial buildings have gone down in
H1 2015, accounting only for around 60% of the figures
registered in 2014 over the same period, however, this
figure is actually very similar to the one in 2013. Since
2014 experienced a large hike in the number of issued
permits, output growth should continue in 2016 and
2017.
Completion in 2015 has exceeded the one registered
in 2014 in the shopping mall segment. One of the larg-
est malls in the country, Mega Mall (70000sqm GLA)
was completed in the first half of the year in Bucha-
rest. In addition, the third quarter saw the opening of
the first phase of the Coresi Shopping Center in Brasov
(55000sqm GBA), Targu Mures Plaza (143000sqm
GBA) and the second phase of Deva Shopping Center
(an extension of the existing mall, adding more enter-
tainment options). By the end of the year, the national
shopping center stock is set to grow with another
70000sqm GBA, as Timisoara Shopping City is to be
completed.
Main ongoing projects are:
• Afi Palace Bucuresti Noi phase 1 (35000sqm GBA,
estimated completion in H2 2016) that, in its final
form, is planned to include in addition to the shop-
ping mall a retail park, hypermarket and office
buildings.
• Parklake Plaza, Bucharest (180000sqm GBA),
delayed in the past by several issues is now expected
to open in 2016
2009 2015(e)
271
Permit ('000 m2
)

19. ROMANIA Retail and wholesale construction © 2015 EECFA 19
RETAIL AND
WHOLESALE
CONSTRUCTION
• Veranda Shop & Stay Obor, Bucharest (66700sqm
GBA), to open in late 2016.
• Extension of City Park Mall, in Constanta (46000sqm
GBA) will be completed in 2016, almost doubling the
existing leasable area, and adding more entertain-
ment and food options
In addition to these ongoing projects, several other
large-scale investments are currently planned, raising
the estimated completion in 2016 to 400000sqm GBA
in Bucharest and around 100000sqm GBA in the rest
of the country.
When it comes to shopping malls, many large cities are
now saturated. Nevertheless, the development contin-
ues in a few large cities (Timisoara, Constanta, Brasov)
as well as in Bucharest, but it is predicted to transition
to smaller cities over the next decade.
The hypermarket segment construction is also an
important segment, Kaufland, Carrefour and Auchan
continuing their expansion into the Romanian market
with more than 10 units opened in 2015. Supermarkets
and proximity stores are contributing significantly to
the new construction market, with Mega Image being
one of the most active ones in 2015, having expanded
its network with more than 100 units.
After a rough period, the DIY segment is being revital-
ized, with Dedeman expanding its network in 2015 and
having several ongoing projects planned to be opened
in 2016 and 2017.
Growth in the whole retail and wholesale construction
segment is backed by several factors: increases in real
income and consumption, rises in retail turnover and
tax changes.
2015 2016 2017
Ongoing and planned Retail projects
IKEA store | Bucharest, sector 3
Marina Park Shopping Center | Constanta, South-East region | 51,000 sqm
Dedeman store | Hunedoara, West region
Victoria City Lifestyle Retail Center phase 2 | Bucharest, sector 1 | 15,000 sqm
Dedeman store | Oradea, North-West region | 14,000 sqm
AFI Palace Braşov | Brasov, Center region | | GLA: 56,000 sqm
Timisoara Centrum | Timisoara, West region | GLA: 80,000 sqm
Victoria City Lifestyle Retail Center | Bucharest, sector 1 | 68,000 sqm | GLA: 36,000 sqm
Kaufland Hypermarket | Bucharest, sector 5 | 16,000 sqm
Neamţ Shopping City | Piatra Neamt, North-East region | 29,000 sqm
Palatul Stirbei shopping centre | Bucharest, sector 1 | 31,000 sqm
Dedeman store | Bucharest, sector 1 | 51,000 sqm
Timişoara Plaza | Timisoara, West region | 60,000 sqm
Veranda Shop & Stay Obor | Bucharest, sector 2 | 66,700 sqm
City Park Mall & Hypermarket Cora | Constanta, South-East region | 46,000 sqm | extension
Timişoara Shopping City | Timisoara, West region | 70,000 sqm | GLA: 55,000 sqm
Parklake Plaza | Bucharest, sector 3 | 180,000 sqm | 67,000 GLA
Bucharest Mall | Bucharest, sector 3 | 37,000 sqm | renovation
Plaza Romania | Bucharest, sector 6 | 40,000 sqm | renovation
AFI Palace Bucuresti Noi | Bucharest, sector 1 | 35,000 sqm
SOURCE: IBUILD.INFO

20. ROMANIA Retail and wholesale construction © 2015 EECFA 20
RETAIL AND
WHOLESALE
CONSTRUCTION
Retail turnover continues to be on an upward trend,
giving more confidence to investors and fueling fur-
ther growth. Internet shopping share is increasing
steadily, however, as mentioned in the previous report,
this is having a relatively low impact on the rest of the
retail market, as electronic payment methods continue
to be used only by a small portion of the Romanian
population and most citizens have low confidence in
e-commerce.
Romania is an attractive target for many interna-
tional brands, especially those in fashion and food.
Many known fashion brands have entered the Roma-
nian market in the last years, especially in shopping
centers. Unlike many other European countries' res-
idents, Romanians prefer to shop inside malls, and
so major brands usually focus on this segment, as
opposed to high street.
Policy changes have had a positive impact on the retail
market, especially in the food segment, as VAT has
been reduced from 24% to 9% in their case. For 2016,
VAT is planned to be reduced for all goods to 20%, and
in 2017 to 19%. While this might not greatly influence
retail companies directly, price reduction will likely
lead to a hike in consumption and will boost sales.

21. 21% 45% 104% 5% 10% 48% 49% 12% -24% -14% -19% -3% 3% 8% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
RON 0bln
RON 2bln
RON 4bln
RON 6bln
RON 8bln
RON 0bln
RON 2bln
RON 4bln
RON 6bln
RON 8bln
11% of building construction is industrial
and warehouse (2014)
Forecast
Long-term trend estimation
0.9(EURbln)
3.9(RONbln)
Industrialandwarehouse
output (at 2014 price)
INDUSTRIAL AND WAREHOUSING
36% -13% 1% -13% 9% 37% 8% -30% -27% 59% -22% -25% 13% 9% 5% 5%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
21ROMANIA Industrial and warehousing © 2015 EECFA

22. ROMANIA Industrial and warehousing © 2015 EECFA 22
INDUSTRIAL AND
WAREHOUSING Industrial construction is expected to be on a growth
path until 2017, due to a stronger economy and
increased attractiveness for investors. A similar trend
is forecasted for warehousing as Romanian transpor-
tation infrastructure continues to develop slowly.
Completion in 2015 has been high, compared to pre-
vious years, reaching 170000sqm GBA in units across
the country. It includes, in addition the projects men-
tioned in the previous report:
• Holzindustrie Schweighofer wood processing plant
in Covasna (72000sqm),
• Star Transmission (Daimler) assembly hall in Sebes
(20000sqm),
• Olympian Park Timişoara TT Electronics Factory in
Timis (20000sqm)
• Siniat Factory, in Turceni (25000sqm)
• Bistrita South Industrial Park (180000sqm)
Another 100000sqm GBA are expected to be com-
pleted by the end of the year, marking a significant
increase over the previous 2 years. For 2016 approxi-
mately 100000sqm GBA are expected to be delivered
in several projects currently under construction, in
addition to over 2.3 million sqm in industrial parks in
Craiova and Alexandria. Growth is also forecasted for
2017, with around 100000sqm GBA already planned to
be delivered in several projects across the country.
2015 2016 2017
Ongoing and planned Industrial projects
KLG Logistic Center | Turda, North-West region
Logistic center | Popesti-Leordeni, Bucharest-Ilfov region | 72,000 sqm
Emerson factory, phase 2 | Oradea, North-West region | 7,000 sqm
Craiova Industrial Park 3 | Isalnita, South-West region | 2,100,000 sqm
SW Umwelttechnik factory | Cristesti, North-East region | 35,000 sqm
Karl Heinz Dietrich Logistic | Blaj, Center region | 20,000 sqm
Alexandria industrial park | Alexandria, South region | 186,000 sqm
Continental factory | Timisoara, West region | 19,000 sqm | extension
P3 Logistic Park | Chiajna, Bucharest-Ilfov region | 75,000 sqm
Lidl logistic centre | Lugoj, West region | 45,000 sqm
Martur Automotive Factory phase 2 | Cateasca, South region | 17,000 sqm
Prysmian cable factory | Slatina, South-West region | 20,000 sqm
Olympian Park Brasov | Brasov, Center region | 5,000 sqm
Mega Image Logistic Center | Ilfov, Bucharest-Ilfov region | 30,000 sqm
Karcher factory | Curtea de Arges, South region | 22,000 sqm
Leoni factory | Bistrita, North-West region | 22,000 sqm
Log Center Bucharest | Mogosoaia, Bucharest-Ilfov region | 148,000 sqm
Star Transmission (Daimler) assembly hall | Sebes, Center region | 67,000 sqm
SOURCE: IBUILD.INFO

23. ROMANIA Industrial and warehousing © 2015 EECFA 23
INDUSTRIAL AND
WAREHOUSING
The trend for build-to-order construction in the indus-
trial field continues, with only a few speculative
developments planned in the future. This is quite typ-
ical for the Romanian industrial market; however, the
trend might change in the future as demand increases.
A first indicator of this could be that vacancy rates are
dropping and rents are being pushed upwards (source:
CBRE Research).
In the case of logistics construction, completion in
2015 has exceeded 120000sqm across the country,
with most projects taking place in the North-West and
West regions. These continue to be the most attrac-
tive for warehousing projects due to their proximity to
the western border and easier access to the European
market.
For 2016, expected completion will exceed 300000sqm,
with two major projects near Bucharest: Log Center
Bucharest phase I (148000sqm) under construction
and P3 Logistic Park (75000sqm) planned.
Employment in the industry, especially manufacturing,
and warehousing continues to be on an upward trend.
Lower than EU average wages and development costs
are competitive advantages for Romania and attract
industry investors. Its geographical position and low
storage costs also make it attractive for logistic spaces
developments. Therefore, we estimate employment
to continue to rise in these fields at least until 2017.
Universities in Romania continue to provide a steady
supply of graduates for employment in industry; yet,
there continue to be regions lacking in local qualified
workforce, and many industrial-developed cities resort
to attracting personnel from underdeveloped regions
(with an impact also on residential construction).
The Romanian economy performed well over the
last years and a GDP growth of over 3% per year is
forecasted in 2016 and 2017 as well. At least for the
forecast horizon, we predict the economy to continue to
be stable, and industry and manufacturing production
to increase. While 2015 inflation is currently estimated
to be negative, its impact on the sector should be min-
imal, as it is mainly due to the relaxation of tax policies.
The main hindering factor for warehouse investments
in Romania continues to be the low level of transport
infrastructure development. With the completion of
several projects in the near future (such as highways,
intermodal and harbors - detailed in the correspond-
ing sections) we expect construction in warehousing
and industry to pick up significantly.

24. 21% 45% 104% 5% 10% 48% 49% 12% -24% -14% -19% -3% 3% 8% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
RON 0,3bln
RON 0,6bln
RON 0,9bln
RON 1,2bln
RON 0,3bln
RON 0,6bln
RON 0,9bln
RON 1,2bln
3% of building construction
is hotel (2014)
Long-term trend estimation
Hoteloutput(at2014price)
Forecast
0.2(EURbln)
0.9(RONbln)
HOTEL CONSTRUCTION
21% 78% -48% -5% 58% 12% 32% -41% -10% 49% -13% 4% 3% 2% 3% 3%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
24ROMANIA Hotel construction © 2015 EECFA

25. ROMANIA Hotel construction © 2015 EECFA 25
the average useful area per permit. Traditionally most
investments (in number) were done in the bed-and-
breakfast and rural tourism, with the market share of
hotels dropping, a tendency likely to continue for the
forecast period as well.
The completion of major projects for 2015 has raised
the current stock with more than 60000sqm GBA. The
largest of these is the Blaxy Premium Resort & Hotel
(35000sqm) with 560 rooms opened in the first phase
of the project in 2015, and another 400 to be delivered
in 2016.
In 2016, most large-scale projects will take place on
the shores of the Black Sea, with the construction of
Hotel Cocorul in Venus (8000sqm), Hilton Garden Inn
in Constanta (10000sqm) and of Hotel Mamaia in Con-
stanta (8000sqm).
Tourism trends in Romania are improving, with over-
night stays on an upward trend in 2015, compared to
Tourism is showing signs of improvement, backing
our forecast for increased hotel construction activity
up to and including 2017.
The useful surface area permitted for hotel construc-
tion has grown in the first 8 months of 2015, over the
same period in 2014, and we predict permits to con-
tinue to go up in the near future. The trend for smaller
investments seems to have stabilized, as evidenced by
2014 (17% improvement Jan-Sept). At the same time,
the number of foreign visitors went up by almost 19%.
Vacancy rates have also improved, being on aver-
age with 2 points lower in 2015 than in the equivalent
months of 2014. We expect the situation to continue to
improve in the future as well, as current investments
in infrastructure will improve travel time and cost,
once they are completed. At the same time, growth in
income might open more travel options for Romanian
tourists, which might actually have a negative impact
on local hotels' turnover.
Another factor influencing tourism demand is tied to
government and local administration. They are cur-
rently trying to actively promote and stimulate tourism
in many areas, and they are to receive EUR 120 mil-
lion from EU funding in the 2014-2020 exercise to help
them do this.
HOTEL
CONSTRUCTION
2015 2016 2017
Ongoing and planned Hotel projects
Iride City Phase 2 | Bucharest, sector 2 | 60,000 sqm | 140 rooms
Hilton Garden Inn | Craiova, South-West region | 5,890 sqm, 108 rooms
Airport City Park | Otopeni, Ilfov | 25,000 sqm
Hotel Gemi Center | Arad, West region | 5,000 sqm
Hilton Garden Inn | Constanta, South-East region | 10,000 sqm, 145 rooms
Blaxy Premium Resort & Hotel Phase 2 | 23 August, South-East region | 35,000 sqm | 400 rooms
Hotel Cocorul | Venus, South-East region | 8,000 sqm | 204 rooms, renovation
Hotel Hampton by Hilton | Iasi, North-East region | 7,000 sqm, 123 rooms | renovation
Hotel Mamaia | Constanta, South-East region | 8,000 sqm
SOURCE: IBUILD.INFO

26. 21% 45% 104% 5% 10% 48% 49% 12% -24% -14% -19% -3% 3% 8% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
RON 0,5bln
RON 1,0bln
RON 1,5bln
RON 2,0bln
RON 2,5bln
RON 0,5bln
RON 1,0bln
RON 1,5bln
RON 2,0bln
RON 2,5bln
Forecast
4% of building construction is education-
and health-related (2014)
Long-term trend estimation
0.3(EURbln)
1.3(RONbln)
Education-andHealth-relatedoutput(at
2014price)
RegimeSwitch
HEALTH- AND EDUCATION-
RELATED CONSTRUCTION
-16% 56% 1% -46% 94% 38% 13% 4% -36% 20% -29% -14% 4% 16% 8% 4%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
26ROMANIA Health- and education- related construction © 2015 EECFA

27. ROMANIA Health- and education- related construction © 2015 EECFA 27
Due to increased demand, we predict health related
construction to grow significantly in the near future.
At the same time, educational building construction is
set to pick up, partly due to increased renovation activ-
ity, but also due to investments in research facilities. We
forecast this segment to go up rapidly in 2015 and 2016
and to be on an upward trend into 2017.
The aging infrastructure and lack of modern facilities
in many medical units have been the consequence of
low funding levels for the past two decades. With the
help of private, government and local funding, several
projects were completed in 2015, aimed especially at
emergency hospitals in Craiova (2000sqm, extension),
Valcea (10000sqm, renovation), Brasov (4000sqm,
renovation), Alexandria (9300sqm, renovation) and
Bucharest (21000sqm, renovation).
New construction is more limited, with only few projects
completed in 2015, the most notable of which being the
Falticeni Municipal Hospital (16000sqm). For 2016, most
of the completion should again be due to renovation and
extension works on existing hospitals, which will cover
more than 51000sqm countrywide. The largest under-
going projects expected to be finished in 2016 are the
emergency hospitals in Timisoara (10000sqm, exten-
sion) and Petrosani (15800sqm, renovation), as well
as the Dr.Fogolyan Kristof County Hospital in Covasna
(147000sqm, renovation).
In 2016-2020, health-related construction might see an
improvement, due to the EU funding directed towards
the construction of regional hospitals and moderniza-
tion/extension of emergency hospitals. Currently the
estimated budget for the 2014-2020 period is of EUR
763 million, but as of date no concrete measures (calls
for projects, contracts, works) have been taken to use
these funds.
Education-related construction has taken mainly the
form of research buildings, with around 46500sqm
being constructed. The most important project in this
HEALTH- AND
EDUCATION-
RELATED
CONSTRUCTION
2015 2016 2017
Ongoing and planned Health-related projects
Precista hospital | Roman, North-East region | 16,000 sqm | extension, renovation
Regional Oncology Center | Timisoara, West region | 22,000 sqm
Medgidia Hospital | Medgidia, South-East region | 3,700 sqm | renovation
County hospital Bacau | Bacau, North-East region | | EUR 5 million, extension, renovation
City Hospital | Mioveni, South region | 15,000 sqm |
Doctor Ioan Aurel Sbarcea Hospital | Brasov, Center region | 4,000 sqm | renovation
City Hospital | Sinaia, South region | 8,000 sqm | extension, renovation
Craiova County Hospital emergency unit | Craiova, South-West region | 2,800 sqm | EUR 4 million extension, renovation
Emergency Hospital Petrosani | Petrosani, West region | 15,800 sqm | renovation
Ilfov county hospital | Bucharest, sector 2 | 4,500 sqm | renovation
Dr. Fogolyan Kristof County Hospital | Covasna, Center region | 14,700 sqm | renovation
Louis Turcanu Hospital | Timisoara, West region | 10,000 sqm | extension
Foisor Hospital | Bucharest, sector 2 | 13,000 sqm | extension
Medical Clinic | Bucharest, sector 1 | 10,000 sqm
SOURCE: IBUILD.INFO

28. ROMANIA Health- and education- related construction © 2015 EECFA 28
HEALTH- AND
EDUCATION-
RELATED
CONSTRUCTION
field is the Extreme Light Infrastructure – Nuclear
Physics Facility in Magurele (34000sqm) that will be
completed by end 2015, including a high power laser
and a gamma ray generator.
For 2016, four more research facilities are expected to
reach completion, including the Research and devel-
opment centre PRECIS (78000sqm) that will include 28
labs designed for "smart" technology research.
Renovation works are also ongoing in a number of edu-
cational buildings across Romania, a process that we
expect to increase in the near future, as for the 2014-
2020 EU exercise EUR 352 million have been budgeted
for this purpose, and so far, none of these funds have
been contracted.
Demographic trends in Romania are the same as in
the previous years: decreased young population (espe-
cially on the 20-30 years old segment) coupled with
an increase in the share of old persons. These trends
favor health-related construction, as the aging popu-
lation will require more assistance. At the same time,
the decrease in the number of children and teenagers
is reducing the need for education construction. The
impact of these trends on actual output however is,
for the time being, low. The condition of the stock and
low investments in the past has led to high demand for
renovation and extensions that will fuel construction at
least until 2020.
2015 2016 2017
Ongoing and planned Education-related projects
Scientific and technology park | Bucharest, sector 3 | 13 ha
Tetapolis research and development centre | Cluj-Napoca, North-West region |
Advanced Research Institute | Timisoara, West region | 14,000 sqm
Tulcea educational centre | Babadag, South-East region | 80,000 sqm | renovation of 52 buildings
Renovation of schools, kindergartens | Bucharest, sector 1 | 334,000 sqm | EUR 69 million, renovation of 106 buildings
Radio-molecular imaging research centre | Magurele, Bucharest-Ilfov region | 9 million EUR
Emanuil Ungureanu Technical College | Timisoara, West region | 1,700 sqm | renovation
Transilvania Motorland research & development centre | Brasov, Center region | 11,000 sqm
Continental Powertrain testing laboratory | Ghimbav, Center region | 1,700 sqm
Medical research and development centre | Targu Mures, Center region | 4,000 sqm
Research and development centre | Bucharest, sector 6 | 78,000 sqm
Partenie Cosma National College & Vasile Voiculescu School | Oradea, North-West region | 16,000 sqm
M. Kogalniceanu High School | Snagov, Bucharest-Ilfov region | 8,100 sqm | extension, renovation
Cumpana School Campus | Constanta, South-East region | 3,900 sqm
Tertiary School | Bucharest, sector 5 | 7,300 sqm | extension
Research Center Campus | Bucharest, sector 6 | 8,500 sqm
Craiova University - Mechanics Faculty | Craiova, South-West region | 6,300 sqm | extension
Extreme Light Infrastructure - Nuclear Physics Facility | Magurele, Bucharest-Ilfov region | 34,000 sqm | EUR 224 million
SOURCE: IBUILD.INFO

29. ROMANIA Other non-residential © 2015 EECFA 29
For 2015, completion has been modest, however by the
end of the year the renovations of the Palace of Justice
in Oradea (15351sqm) and the Palace of the Patriarchate
in Bucharest (16000sqm) are predicted to be finished.
In2016,worksontheMetropolitanCathedral(18000sqm)
and the Cultural Palace (34000sqm) in Iasi are expected
to reach completion.
Due to overcrowding and poor living conditions in
Romanian prisons, there are plans to build several new
facilities. The first of these, the P46 Caracal high secu-
rity prison (27000sqm) is set to start construction in
2016, and should be completed in 2017.
EUR 2.4 billion are allocated from the 2014-2020 EU
programs to renovation works for public buildings, aim-
ing at increasing their energy efficiency. As previously
stated, due to their age, most of these buildings were
constructed before environmental protection or energy
were an issue.
Romanian public institutions are generally housed
into state-owned buildings that have been con-
structed during the communist era. Many of these
buildings are either in poor condition due to lack of
maintenance and renovation works, or have since
became inadequate for their purpose, as institutions
grew in size. Therefore, renovation and expansion
works on civic buildings is taking up a large portion of
the non-residential construction market.
Efforts are also being undertaken to preserve cultural
buildings, with several projects currently ongoing at
Capidava and Sucidava Fortresses, two of the very few
remaining Dacian and Roman sites. With almost EUR 0.5
billion allocated for the protection of cultural sites in
the 2014-2020 EU funding exercise, we expect similar
works to grow in number after 2016, once projects are
elected.
Entertainment and sports buildings are also major
contributors to growth in non-residential construction.
Several projects for tourist attractions have been devel-
oped in and near Oradea: Lotus Felixarium waterpark
(20000sqm), completed in 2015 and Complex Wellness
Termal Nymphaea, to be finished in 2016 (18000sqm).
Sports facilities are under construction in Craiova
(41000sqm Stadium) and planned to be constructed in
Bucharest (37000sqm Rugby sport centre) and Con-
stanta (7 ha, sports arena); all of these are expected to
be delivered in 2016.
OTHER NON-
RESIDENTIAL
2015 2016 2017
Ongoing and planned Other non-residential projects
Underground parking Avram Iancu | Arad, West region | 18,083 sqm |
P46 Caracal prison | Caracal, South-West region | 27,000 sqm |
Mihai Flamaropol ice arena | Bucharest, sector 2 | 22,600 sqm |
Rugby sport centre | Bucharest, sector 1 | 37,000 sqm | extension, renovation
Craoiva Stadium | Craiova, South-West region | 41,000 sqm |
Capidava Fortress | Constanta, South-East region | | EUR 12 million, renovation
Complex Wellness Termal Nymphaea | Oradea, North-West region | 18,000 sqm | new construction, extension
Sport centre | Sfantu Gheorghe, Center region | 8,700 sqm |
Cultural Palace Iasi | Iasi, North-East region | 34,000 sqm | renovation
Sucidava fortress | Olt, South-West region | | EUR 184 million, renovation
Palace of the Patriarchate | Bucharest, sector 4 | 16,000 sqm | renovation
Metropolitan Cathedral Iasi | Iasi, North-East region | 18,000 sqm | renovation
Orthodox Cathedral - Catedrala Mantuirii Neamului | Bucaharest, sector 5 | 42,000 sqm |
SOURCE: IBUILD.INFO

30. ROMANIA FORECAST TABLE 4 © 2015 EECFA 30
FORECAST TABLE 4
ROMANIA
VALUE
(RON MLN)
VALUE
(EUR MLN)
GROWTH RATES AT CONSTANT PRICE (%)
NON-RESIDENTIAL MARKET SIZE
AND DEVELOPMENT
2014 2014 2007 2008 2009 2010 2011 2012 2013 2014 2015(F) 2016(F) 2017(F)
HOTEL, ACCOMODATION BUILDINGS 907 204 12.4 32.2 -41.1 -9.7 49.2 -13.0 4.3 3.1 1.5 2.9 2.8
OFFICE BUILDINGS 6 568 1 478 1.2 74.2 7.1 -17.2 1.6 -19.5 -3.1 3.5 7.1 7.5 7.7
RETAIL AND WHOLESALE BUILDINGS 1 187 267 16.3 54.6 -46.1 -9.9 8.9 -43.7 -10.1 -1.5 2.3 1.0 1.4
TRANSPORT BUILDINGS 264 59 8.7 6.3 -32.3 137.7 -38.3 0.3 -41.6 -14.1 8.0 7.5 -6.2
INDUSTRIAL BUILDINGS AND WAREHOUSES 3 927 884 37.1 8.3 -29.6 -27.1 59.2 -22.5 -25.5 13.2 9.4 5.4 5.3
EDUCATION-RELATED BUILDINGS* 1 344 302 37.8 12.5 4.5 -35.6 20.3 -29.0 -14.3 3.8 15.7 8.3 4.2
HEALTH-RELATED BUILDINGS
AGRICULTURAL BUILDINGS
OTHER NON-RESIDENTIAL BUILDINGS 841 189 -5.6 -9.4 -28.2 33.3 -30.5 61.8 -22.3 1.4 9.1 2.8 3.3
TOTAL NON-RESIDENTIAL CONSTRUCTION 15 038 3 383 18.1 33.0 -17.0 -16.6 14.4 -20.7 -13.1 4.9 7.9 6.0 5.5
*EDUCATION AND HEALTH TOGETHER

31. ROMANIA Road construction © 2015 EECFA 31
ROAD
CONSTRUCTION
After the low performance of the sector in 2014, 2015
has seen an increase in road construction activity.
Under the pressure of deadlines for EU funding,
more projects have been initiated and restarted; yet,
the effect is still far from enough to counterbalance
the more negative effects of institutional instability.
As such, we continue to expect 2015 to mark a hike
compared to 2014. We predict a drop in output in 2016,
as calls for the new EU programs will only start in Q1
2016 earliest and activity will consist only of phased
and nationally funded projects. 2017, on the other hand,
should see a return to an upward trend, as projects
will be underway and the election year effects will
wear off.
The Romanian road network is in a dire need of renova-
tion and modernization works. Half of the total network
has actual speeds under 70% of the target speeds
(according the Romanian General Transport Master-
plan). At the same time, only 35% of the road network is
registered as "modern", while 26% of the total network
is made of stone covered roads and 36% of dirt roads.
In 2014 around 600 km of roads were modernized, and
we estimate this number to remain relatively stable, but
on an upward trend in 2015 and 2016.
Highway construction in 2015 has continued at the
usual slow pace, despite the threat of losing EU funding.
So far, only 10.7 km have been constructed, and, at best,
68 km are to be completed by the end of the year. In
addition, around 170 km are currently under construc-
tion and expected to be completed in 2016. Around 180
are planned to be completed in 2017.
The main ongoing projects are:
• In case of A1 Highway, accounting for all of 2015
highway completion to date, work has been delayed
repeatedly due to legal and technical issues, so
deadlines have been moved into 2016 for all sections.
Road construction, RON bln (at 2014 prices)
2.1
(EUR bln)
2002 2017

32. ROMANIA Road construction © 2015 EECFA 32
• A10 Highway Sebes-Turda is also under construc-
tion. While initially scheduled for late 2015, it has
also been delayed by administrative issues and is
more likely to be pushed into H1 2016.
• Work continues on 79.2 km in several sections of A3
"Transilvania" Highway, expected to be completed in
2016. For the remainder currently the earliest start
date would be 2016 and completion could be as late
as 2021.
A number of projects are also under various stages
of planning and predicted to begin by 2017, the most
important being:
2015 2016 2017 2018
Ongoing and planned Road projects
Transfagarasan highway | Sibiu, Center region | 91,000 m | renovation
Mihailesti bypass | Mihailesti, South region | 13,800 m | 10 million EUR
Stei bypass road | Bihor, North-West region | 28 km | EUR 94 million
Satu Mare bypass road | Satu-Mare, North-West region | 13,5 km |
Sibiu-Fagaras highway | Brasov, Center region | 72,5 km |
A3 highway Gilau - Mihaiesti | Cluj, North-West region | 24 km |
A3 Highway Comarnic-Brasov | Center and South regions | 58 km |
Galati-Bratianu tunnel | Galati-Bratianu, South-East region | 2,000 m |
A3 highway Targu Mures-Ungheni section | Mures, Center region | 9,2 km |
A3 highway Ungheni-Ogra section | Mures, Center region | 10 km |
A3 Highway section 5 | Bihor, North-West region | 60 km | EUR 266 million
Targoviste bypass road | Targoviste, South region | 13,8 km | renovation
Bacau bypass road | Bacau, North-East region | 30,7 km |
Târgu Jiu bypass road | Gorj, South-West region | 20 km |
A 10 highway, segment 2 | Alba, Center region | 24,3 km |
A 10 highway, segment 1 | Alba, Center region | 17 km |
A 10 highway, segment 4 | Cluj, North-West region | 16,3 km |
A1 highway Lugoj - Deva segment 3 | Cosevita - Ilia, West region | 21,1 km |
A1 Highway, Timisorara-Lugoj segment 2 | Timis, West region | 25 km |
A1 highway Lugoj - Deva segment 4 | Ilia - Soimus, West region | 22,1 km |
A1 highway Lugoj - Deva segment 2 | Traian Vuia - Cosevita, West region | 28,6 km |
SOURCE: IBUILD.INFO
• Sibiu - Făgăraș (72,5 km) and Sibiu - Pitești (116 km)
motorways are planned and likely to start construc-
tion in 2016 and 2017, respectively
• Renovation of the ”Transfăgărășan” road, one of the
most famous roads in Romania to undergo a road
surface reconstruction over around 91 km, esti-
mated to start in 2016 and to be finished in 2017
Large-scale projects are commonly funded with the
aid of EU programs. At the start of October 2015, for
the POST program (that helps fund all transport infra-
structures) only 73% of the total budged was contracted
and only 60% was absorbed. We had hoped the situa-
tion to improve by the end of the year, as traditionally
ROAD
CONSTRUCTION

33. ROMANIA Road construction © 2015 EECFA 33
ROAD
CONSTRUCTION
most works are paid in the last quarter of the year. But
due to the low efficiency of use, we do not foresee total
absorption rate to exceed 80%, and thus that would
leave at least EUR 0.85 million to be spent from the
2014-2020 budget through phased projects. The total
budget for road construction from the 2014-2020 EU
programs is of EUR 2.6 billion, with an additional EUR 1
billion for local and regional roads.
Due to delays in program calls, which are scheduled
for January 2016 earliest in case of infrastructure, we
expect investments to stop until projects are approved
for refinancing, a process that can take up to a year in
Romania. Thus, 2016 will mark a drop in road construc-
tion; though we expect it to pick up in 2017.
A major impact factor in 2016 and 2017 in road con-
struction is the influence of the political context. As of
November 2015, due to internal struggles, the Romanian
Government resigned. Until the situation is finalized,
all positions in the cabinet are temporary, and thus no
major decisions are expected. This will most likely lead
to lower than expected performance on EU funding
absorptionin2015,aswellasdelaysinthelaunchofnew
projects in 2016. Furthermore, as 2016 is an election
year, we predict money to be diverted to social impact
programs, in order to attract voters. This will cause a
slight increase in road renovation activity, as local budg-
ets are boosted for this purpose. However, as in the past,
we forecast long-term investments (such as highways)
to be underfunded, and overall the impact to be negative.

34. ROMANIA Railway construction © 2015 EECFA 34
Despite the poor condition of the railroad network in
Romania, renovation and modernization works con-
tinue to be much lower than needed. We predict some
improvement in 2015, but 2016 should see a reduction
in activity, as the lack of funds and elections will cause
interruptions and delays in projects. In 2017, we might
see a return to normal activity, as projects phased from
2015 and planned investments will be implemented.
Previous analyses of traffic trends remain valid, with
road transportation steadily increasing its share in
both freight and passengers. According to NSI, railroad
passenger transportation is down to 18% of market,
and freight down to 15% of market, as of Q2 2015. This
decrease in railroad network demand is coupled with
the bad condition of the current infrastructure and
leads to a vicious circle hindering both renovation and
new investments.
More than 60% of the railroad infrastructure has
exceeded its designated life expectancy, and needs
capital repairs; the average age of a locomotive
or carriage is 30 years (according to the Ministry of
Transportation reports). Speed restrictions are in
place, which causes delays. In 2014, total delays were
2.5 million minutes for passengers, and 16.1 million
minutes for freight.
However, in the near future, the budget of the national
railroad company (CFR SA) for maintenance is to
remain relatively at the same level (around EUR 300
million/year) and even to drop in the near future. Since
at best one-half of the needed maintenance and repair
works are accomplished each year, we do not expect
the situation to improve dramatically in the near future.
Funding for investments is assured from a combina-
tion of national and EU funds. Out of the EUR 1.6 billion
RAILWAY
CONSTRUCTION
2015 2017 2019
Ongoing and planned Railway projects
Subway - M4 Line | Bucharest | 15 km | EUR 159 million, extension
Bucharest-Giurgiu railway | Bucharest-Ilfov and South regions | 95 km | renovation
Rosiori de Nord station | Rosiori de Vede, South region | 400 sqm | renovation
Subway -M6 Line | Bucharest, sector 6 | 16 km |
Railway Corridor IV, section 3 | Simeria – Vintu de Jos, Center region | 42,7 km | EUR 320 million, renovation
Subway - M4 Line | Bucharest, sector 1 | | EUR 161 million
Railway Corridor IV, section 5 | Coslariu – Sighisoara, Center region | 91,6 km | EUR 528 million
Railway Corridor IV, section 4 | Vintu de Jos – Coslariu, Center region | 33,1 km | EUR 173 million
Railway Corridor IV, section 1 | border - Curtici - Arad, West region | 41,1 km | EUR 244 million, renovation
Subway - M5 Line | Bucharest, sector 6 | 10 km | EUR 256 million
SOURCE: IBUILD.INFO

35. ROMANIA Railway construction © 2015 EECFA 35
allocated to this sector in the 2007-2013 exercise, only
around 75% had been contracted by end 2014. The
absorption rate is most likely to be around 80% by end
2015, which has led to several projects being phased
into the 2014-2020 budget (of approximately 1.5 billion
EUR aimed at railroad construction and repair).
The main ongoing projects are related to the IV Pan -
European Corridor renovation works. Started in 2012,
works on this section have been ongoing at a relatively
low pace, partly due to the harsh terrain and partly due
to bureaucratic reasons. The project is programmed
to be phased into the 2014-2020 exercise, and is to be
completed in 2018, with some sections to be delivered
at the end of 2015.
Improvements of the network are also planned in sev-
eral key areas, such as development of touristic lines
with the goal of preserving historical features of train
transportation, and the electrification of railways
that are currently still running on diesel, such as the
Cluj-Napoca – Oradea line, planned to start in 2017 and
to be completed by 2021.
Political instability will have an even greater effect on
the railroad network construction than on road con-
struction. As 2016 will be an election year and funding
will switch from the 2007-2013 to the 2014-2020 exer-
cise, we expect a drop in completion. However, due to
the poor condition of the network, we forecast interest
to pick up in the near future and investments to increase
in 2017 and beyond.
RAILWAY
CONSTRUCTION

36. ROMANIA Other transport related construction © 2015 EECFA 36
Most large-scale transport related construction in
Romania is accompanied by additional bridges and
tunnel construction. Coupled with the aging infrastruc-
ture, this has led to a lot of activity in this field, albeit
usually on small projects.
Airport construction continues to be the most active
subsector of this type of construction. As mentioned in
the previous report, passenger air traffic in Romania is
underperforming over the EU average, and the majority
of flights take place from and between 3 major air-
ports (Cluj Napoca, Timisoara and Bucharest). This has
resulted in investments in the field, with the help of EU
funding. Around EUR 72 million were contracted from
the 2007-2013 exercise and EUR 42 million planned out
of the 2014-2020 exercise to be used for renovation,
extension and new construction in the field.
So far, in 2015, several projects have been completed,
including the renovation of the ”Mihail Kogalniceanu”
Airport terminal (EUR 28 million) and the construc-
tion and extension of terminals in Iași and Suceava,
totaling at EUR 57 million of completion for the whole
year. Extensions of the runway are also undergoing in
Oradea and are to be completed by the end of 2015,
turning the local airport into an international one.
OTHER TRANSPORT
RELATED
CONSTRUCTION
2015 2016 2017 2018
Ongoing and planned Other transport projects
Bridge over Tisa river | Sighetu Marmatiei, North-West region | 2,000 m
Danube bridges | Calarasi-Turnu Magurele, South region and Bulgaria | EUR 209 million
Harghita Airport | Ciceu, Center region | 2,000 sqm | 1,200 m runway
Airport Transylvania - runway | Targu Mures, Center region | 3,600 m | extension
Bucharest-Domnesti overpass | Bucharest-Domnesti, Bucharest-Ilfov region | 260 m
Sport aircraft airport Phase 2 | Borcea, South region | 6,500 sqm | new construction, renovation
Railway tunnel renovation | Suceava, North-East region | 255 m | EUR 500,000
Baia Mare Airport | Tautii-Magheraus, North-West region | 2,150 m | extension
Sport aircraft airport Phase 1 | Borcea, South region | 1,500 sqm | new construction, renovation
Brasov-Ghimbav airport - runway and parking | Ghimbav | 17,700 sqm
Tulcea Danube Delta Airport | Tulcea, South-East region | 52,150 sqm | modernisation
Nicolina Tunnel | Iasi, North-East region | 15,560 sqm | renovation
Hangar, runway | Borcea, South region | 3,500 m | extension, renovation
Military airport | Otopeni, Ilfov | 1321 m | EUR 11 million
Vehicular overpass | Ploiesti, South region | 500 m
SOURCE: IBUILD.INFO
For 2016, ongoing projects would lead to at least six
more renovation and extension projects being com-
pleted, totaling in the value of around EUR 65 million.
With the planned projects, total completion in 2016
might exceed EUR 100 million in the field, and thus be
one of the best years in recent history for the airport
construction segment in Romania. Yet, since this is
largely dependent on EU co-funding, we expect delays
to take place, similarly to road and railroad construc-
tions (however at a smaller scale) and thus, some of
these projects might get pushed into 2017.
The extension of the Bucharest's subway network is
continuing, with M5 line (10km) expected to reach com-
pletion in 2016 (after 5 years of delays) together with
the extension of M4 line (1km). Planning for the two
new lines (M6 and M7) continues, however construc-
tion will likely only be completed in 2020 earliest.

37. ROMANIA Energy, pipeline, cable construction © 2015 EECFA 37
ENERGY,
PIPELINE, CABLE
CONSTRUCTION
Energy production in Romania continues to be reliant
on oil and gas, which account for more than 50% of
all energy produced in Romania. However, renewable
energy sources continue to be on the rise, and in 2016
and onwards, we estimate the share of wind, solar and
geothermal power to increase steadily.
Most of the current energy production network is
rather old, and as such, renovation and modernization
works are underway. Examples in this direction are
the Paroseni and Deva thermal-power plants and Ste-
jaru hydro plant currently under construction, the total
budget for these projects exceeding EUR 370 million.
Newconstructionismostlyfocusedonrenewableenergy:
• Solar power - expected to increase in 2016 with
about 700 MW across the country (according to
Transelectrica forecast), with several projects
underway and then remain relatively steady
• Wind power - expected to increase with 300 MW per
year in the 2015 - 2017 period
• Biomass - expected to increase with 25 MW per year
in the 2015 - 2017 period
• Geothermal power plant to be constructed in Oradea
in 2016 - 2017
2015 2016 2017 2018
Ongoing and planned Energy-related projects
Nuclear power plant unit 3 and 4 | Cernavoda, South-East region | 1440 MW | new construction, renovation
ALFRED nuclear reactor | Mioveni, South region | 130 MW | EUR 1 billion
District heating | Oradea, North-West region | 20,300 m | EUR 26 million, renovation
Thermal power plant | Rovinari, South-West region | 600 MW
Pumped-storage hydroelectric power station | Tarnita-Lapustesti, Center region | 1,000 MW | EUR 1,1 billion
Thermal power plant | Mures, Center region | 250 MW | new construction, renovation
Thermal power plant | Arad, West region | 270 MW
Mintia thermal power plant | Mintia, West region | 5,000 sqm | renovation
Dumitra hydro power plant | Bumbesti-Jiu, South-West region | 24,5 MW |
Bumbesti-Jiu Hydro power plant | Bumbesti-Jiu, South-West region | 40,5 MW
Hidroelectrica Stejarul Bicaz hydro power plant | Neamt county, North-East region | 210 MW | EUR 136,9 million, renovation
Thermal power plant | Oradea, North-West region | 43 MW
Biomass power station | Prahova, South region | 6.8 Mw
Paroseni thermal power plant | Hunedoara, West region | 150 MW | EUR 65 million, renovation
Petrobrazi refinary | Prahova, South region | renovation
SOURCE: IBUILD.INFO
Funding for these projects is partially covered from
EU programs, with around 200 EUR million budgeted
from the 2014-2020 exercise for renewable and more
efficient energy.
However, several projects also aim to increase the
nuclear power output, with the doubling of the Cer-
navodă power plant capacity, by adding reactors 3
and 4 expected to enter construction in early 2017. In
the same year, construction is set to start at ALFRED,
an experimental lead-cooled fast reactor in Mioveni,
budgeted for EUR 1 billion.
The energy transportation network is also set for
expansion, with 1000 km of new lines planned for con-
struction between 2014 and 2023. Over this period,
around EUR 1 billion from national funds will be
invested in energy lines and around 1/2 of the amount
will be directed to modernization works, coupled
with EUR 66 million from EU 2014-2020 programs for
energy transportation.

38. ROMANIA Public utility © 2015 EECFA 38
PUBLIC UTILITY We predict public utility to pursue to be an important
factor of civil engineering construction output as
the problems we evidenced in the last reports continue
to plague the system. Water shortages in most major
cities go on to be a relatively frequent occurrence due
to the age of the system.
Despite significant progress in the last few years,
access to public utilities remains relatively low with
only slightly more than one half of Romanians having
their homes connected to a sewage system, as of the
beginning of 2015 (source: NSI). There is also a high
level of geographical disparity, with public utilities
lacking especially in the rural areas.
Several public utility construction works have been
completed so far in 2015, with more than EUR 400 mil-
lion invested in water supply, wastewater treatment
plants and sewer systems across the country.
2015 2016 2017
Ongoing and planned Utility and Other civil engineering projects
Glina Waste Water Treatment Plant phase 2 | Glina, Bucharest-Ilfov region | EUR 152 million, extension
Protection and Rehab. of the Southern Black See Coast, ph. 2 | South-East region | 20 km | extension, renovation
Waste management facility | Constanta, South-East region | 21,000 tons/year | EUR 13 million
Waste management facility | Vadeni, South-East region | 30,000 tons/year
Waste management plant | Alba, Central region | 1,900,000 m3
Waste management plant | Dolj, South-West region | 44,000 tons/year
Waste management facility | Remetea, Center region | 23,000 tons/year
Sanitary sewer | Salaj, North-West region | EUR 18 million, new construction, extension
Sanitary sewer | Prahova, South region | 37 km | extension
Waste water and water management | Sibiu, Center region | EUR 132 million
Waste water and water management | Maramures, North-West region | EUR 148 million
Waste water and water management | Timis, West region | EUR 119 million
In addition to new construction and improving access
to water and sewer systems, many renovation works
are also ongoing or planned. Public utility networks in
most cities are a relic of the communist regime and at
least 20 years old and their efficiency is diminishing,
as evidenced by the frequent interruptions in service.
Currently, funding for the new projects is assured by
a mixture of national, local and European sources.
The absorption rate of EU funding from the 2007-2013
exercise continues to be low, and thus many projects
are expected to be transferred or phased into the
2014-2020 exercise, where around EUR 300 million
are budgeted for waste management investments and
around EUR 2.6 billion for water and wastewater net-
work development.
SOURCE: IBUILD.INFO

39. ROMANIA FORECAST TABLE 5 © 2015 EECFA 39
FORECAST TABLE 5
ROMANIA
VALUE
(RON MLN)
VALUE
(EUR MLN)
GROWTH RATES AT CONSTANT PRICE (%)
CIVIL ENGINEERING MARKET SIZE
AND DEVELOPMENT
2014 2014 2007 2008 2009 2010 2011 2012 2013 2014 2015(F) 2016(F) 2017(F)
TRANSPORT INFRASTRUCTURE 13 930 3 134 34.8 44.6 -7.1 -12.0 1.7 -7.3 -8.9 -17.4 12.7 -7.4 7.4
ROADS 9 297 2 092 24.9 31.1 -10.9 -11.3 6.4 -6.9 -12.8 -19.2 14.5 -9.4 8.7
RAILWAYS 764 172 165.3 -3.8 -37.4 -8.0 -11.7 -27.9 77.1 -14.1 13.3 -4.4 3.1
AIRFIELDS 102 23 140.4 -79.4 -24.9 -86.2 123.2 880.7 -5.9 21.2 3.4 0.0 0.0
BRIDGES AND TUNNELS 2 849 641 70.4 641.6 4.6 -6.9 -19.3 24.8 -6.8 -14.1 11.9 -4.4 6.2
HARBOURS 919 207 46.3 29.1 22.2 -23.7 13.2 -48.2 -7.8 -14.1 -2.8 1.0 2.9
ENERGY, COMPLEX INDUSTRIAL AND LONG TERM PIPELINES 3 563 802 83.8 -5.9 -15.5 19.4 -10.8 17.3 -12.6 -14.1 8.5 7.8 2.9
PUBLIC UTILITY 1 105 249 24.4 9.6 13.1 -28.8 11.3 -2.5 6.4 -14.1 17.5 -4.4 6.2
OTHER CIVIL ENGINEERING 5 432 1 222 -5.2 11.3 -5.8 9.6 -0.4 -14.6 -14.7 -9.8 8.7 -1.8 4.2
TOTAL CIVIL ENGINEERING CONSTRUCTION 24 031 5 407 26.8 27.0 -7.1 -4.7 -0.2 -6.0 -10.2 -15.2 11.4 -3.8 5.9

40. ROMANIA Project data: Non-residential © 2014 EECFA 40
KEY ONGOING AND PLANNED NON-RESIDENTIAL PROJECTS IN ROMANIA
SEGMENT STATUS NAME
(PLANNED)
START
PLANNED
END
LOCATION VOLUME
RESIDENTIAL ONGOING BEACHSIDE RESIDENCE Q3 2014 H1 2016 CONSTANTA, SOUTH-EAST REGION 16,000 SQM
RESIDENTIAL ONGOING CITY OF MARA PHASE 1 Q3 2015 H1 2016 TIMISOARA, WEST REGION 12,000 SQM
RESIDENTIAL ONGOING NORDIC RESIDENCE PARK Q4 2015 H1 2017 DUMBRAVITA, WEST REGION 50,000 SQM
RESIDENTIAL ONGOING ARENA RESIDENTIAL PARK PHASE 2 Q3 2015 H2 2016 IASI, NORTH-EAST REGION 22,000 SQM
RESIDENTIAL ONGOING CARTIER ORIZONT PHASE 3 Q2 2015 Q4 2018 BUZAU, SOUTH-EAST REGION 130,000 SQM
RESIDENTIAL ONGOING BUJORULUI RESIDENCE Q4 2014 Q4 2018 CRAIOVA, SOUTH-WEST REGION 28,000 SQM
RESIDENTIAL ONGOING ONE HERĂSTRĂU PARK RESIDENCE Q3 2015 H2 2016 BUCHAREST, SECTOR 1 27,000 SQM
RESIDENTIAL ONGOING EXIGENT ONE Q2 2015 Q2 2016 BUCHAREST, SECTOR 6 25,000 SQM
RESIDENTIAL ONGOING BLOCK OF FLATS - THERMAL INSULATION Q2 2015 H2 2017 BUCHAREST, SECTOR 2 EUR 22 MILLION, 597 FLATS
RESIDENTIAL ONGOING METALURGIEI PARK RESIDENCE PHASE 1 Q1 2015 H1 2016 BUCHAREST, SECTOR 4 185,000 SQM
RESIDENTIAL ONGOING CONDOMINIUMS Q2 2015 H2 2016 CRAIOVA, SOUTH-WEST REGION 182,000 SQM
RESIDENTIAL ONGOING DREAM TOWN RESIDENCE Q2 2014 H2 2016 POPESTI-LEORDENI, BUCHAREST-ILFOV REGION 30,000 SQM
RESIDENTIAL ONGOING MC METROCITY ACADEMIEI Q4 2014 Q4 2016 BUCHAREST, SECTOR 5 30,000 SQM
RESIDENTIAL ONGOING AVANTGARDEN 3 PHASE 2 Q3 2014 2018 BRASOV, CENTER REGION 55,000 SQM
RESIDENTIAL ONGOING THE PARK Q3 2014 H2 2017 BUCHAREST, SECTOR 4 20,000 SQM
RESIDENTIAL ONGOING COSMOPOLIS PHASE 4 Q3 2015 H2 2016 STEFANESTI DE JOS, BUCHAREST-ILFOV REGION 800 FLATS
RESIDENTIAL PLANNED CITY OF MARA PHASE 2 H2 2016 H1 2017 TIMISOARA, WEST REGION 12,000 SQM
RESIDENTIAL PLANNED APARTMENT COMPLEX H1 2016 H2 2016 NAVODARI, SOUTH-EAST REGION 30,000 SQM
RESIDENTIAL PLANNED APARTMENT HOUSE Q2 2016 H1 2017 NAVODARI, SOUTH-EAST REGION 534 FLATS
RESIDENTIAL PLANNED CARTIERUL SOLAR PHASE 2 H2 2016 H2 2017 BUCHAREST, SECTOR 4 50,000 SQM
RESIDENTIAL PLANNED RESIDENTIAL PARK Q2 2016 H1 2018 BUCHAREST, SECTOR 1 100,000 SQM
RESIDENTIAL PLANNED RESIDENTIAL PARK H1 2016 H2 2018 BUCHAREST, SECTOR 6 1,680 FLATS
RESIDENTIAL PLANNED INOX OFFICE / RESIDENTIAL COMPLEX H1 2016 H2 2017 BUCHAREST, SECTOR 5 10,000 SQM
RESIDENTIAL PLANNED RESIDENTIAL PARK 2016 2020 BUCHAREST, SECTOR 5 1,800 FLATS
RESIDENTIAL PLANNED GRAN VIA LUJERULUI PHASE 2 H1 2016 H1 2017 BUCHAREST, SECTOR 6 90 FLATS
RESIDENTIAL PLANNED NEO LAGUNA RESIDENCE H2 2017 H2 2018 OVIDIU, SOUTH-EAST REGION 191,000 SQM
RESIDENTIAL PLANNED NEO PENINSULA RESIDENCES H1 2016 H2 2018 BUCHAREST, SECTOR 2 120,000 SQM
RESIDENTIAL PLANNED FRUMUSANI RESIDENTIAL PARK H1 2016 H1 2018 FRUMUSANI, SOUTH REGION 2,850 FLATS
RESIDENTIAL PLANNED BROWN RESIDENCE METALURGIEI PHASE 2 Q1 2016 Q4 2016 BUCHAREST, SECTOR 4 50,000 SQM
RESIDENTIAL PLANNED STRAULESTI LAKE RESIDENCE Q1 2016 Q4 2018 BUCHAREST, SECTOR 1 139,000 SQM
RESIDENTIAL PLANNED ZENITH RESIDENCE Q4 2015 H2 2017 IASI, NORTH-EAST REGION 65 FLATS
RESIDENTIAL PLANNED GRAN VIA LUJERULUI PHASE 1 Q4 2015 Q2 2016 BUCHAREST, SECTOR 6 90 FLATS
RESIDENTIAL PLANNED AFI CITY BUCUREŞTII NOI PHASE 2 2016 2017 BUCHAREST, SECTOR 1 1,688 FLATS
RESIDENTIAL PLANNED AVANTGARDEN 3 PHASE 3 2017 2020 BRASOV, CENTER REGION 30,000 SQM
RESIDENTIAL PLANNED GHENCEA-ALEXANDRIEI RESIDENCE H1 2016 H2 2016 BUCHAREST, SECTOR 5 25,000 FLATS
RESIDENTIAL PLANNED BASARABIA RESIDENCE Q4 2016 H1 2018 BUCHAREST, SECTOR 3 89,000 SQM
RESIDENTIAL PLANNED PACII RESIDENCE PHASE 2 Q3 2016 Q4 2017 BUCHAREST, SECTOR 6 1,164 FLATS
OFFICE ONGOING ORHIDEEA TOWERS Q4 2015 H1 2017 BUCHAREST, SECTOR 6 77,500 SQM
OFFICE ONGOING GREEN COURT BUCHAREST PHASE 3 Q2 2015 Q2 2016 BUCHAREST, SECTOR 2 16,000 SQM
OFFICE ONGOING OREGON PARK PHASE 1 Q1 2015 Q1 2018 BUCHAREST, SECTOR 2 80,000 SQM
OFFICE ONGOING VICTORIEI OFFICE Q1 2015 Q2 2016 BUCHAREST, SECTOR 1 16,000 SQM
OFFICE ONGOING COMPLEX TIMPURI NOI PHASE 1A Q1 2015 Q4 2016 BUCHAREST, SECTOR 3 104,000 SQM
OFFICE ONGOING ANCHOR PLAZA METROPOL FINISHING WORKS Q1 2015 Q2 2016 BUCHAREST, SECTOR 6 58,000 SQM
OFFICE ONGOING IRIDE CITY METROFFICE PHASE 1 Q4 2014 Q3 2016 BUCHAREST, SECTOR 2 20,000 SQM
OFFICE ONGOING THE LANDMARK Q2 2014 Q1 2016 BUCHAREST, SECTOR 1 26,500 SQM
OFFICE ONGOING HERMES BUSINESS CAMPUS BUILDING C Q3 2014 Q1 2016 BUCHAREST, SECTOR 2 50,000 SQM
OFFICE ONGOING AFI PARK PHASE 4 AND 5 Q2 2014 Q1 2016 BUCHAREST, SECTOR 6 40,000 SQM
OFFICE ONGOING BUSINESS CENTER Q2 2014 Q1 2016 BRASOV, CENTER REGION 18,000 SQM
OFFICE ONGOING ROGERIUS BUSINESS CENTER Q1 2014 Q1 2016 ORADEA, NORTH-WEST REGION 12,200 SQM
OFFICE PLANNED THE MARK Q1 2016 H2 2017 BUCHAREST, SECTOR 1 48,500 SQM
OFFICE PLANNED GLOBALWORTH CAMPUS Q4 2015 Q4 2016 BUCHAREST, SECTOR 2 105,000 SQM
OFFICE PLANNED NEOCITY BUSINESS CENTER H2 2016 H2 2017 VOLUNTARI, BUCHAREST-ILFOV REGION 63,000 SQM
OFFICE PLANNED COTROCENI OFFICE TOWER H1 2016 H2 2017 BUCHAREST, SECTOR 6 20,000 SQM
OFFICE PLANNED COMPLEX PARK PLAZA 2016 2018 TIMISOARA, WEST REGION 70,000 SQM
OFFICE PLANNED FLOREASCA CENTER Q4 2015 H2 2016 BUCHAREST, SECTOR 1 50,000 SQM
OFFICE PLANNED SEMA NEW PROJECT, OFFICE 4 PHASE 3 H1 2016 H1 2017 BUCHAREST, SECTOR 6 30,000 SQM
OFFICE PLANNED AFI BUSINESS PARK BUCHAREST H1 2016 H2 2017 BUCHAREST, SECTOR 5 60,000 SQM
OFFICE PLANNED ORHIDEEA H1 2016 H2 2017 BUCHAREST, SECTOR 6 80,000 SQM
OFFICE PLANNED THE OFFICE, PHASE 3 Q4 2015 H2 2016 CLUJ-NAPOCA, NORTH-WEST REGION 31,600 SQM
RETAIL ONGOING KAUFLAND HYPERMARKET Q4 2015 Q1 2016 BUCHAREST, SECTOR 5 16,000 SQM
RETAIL ONGOING VERANDA SHOP & STAY OBOR Q3 2015 Q3 2016 BUCHAREST, SECTOR 2 66,700 SQM
PROJECT DATA: NON-RESIDENTIAL

41. ROMANIA Project data: Non-residential © 2014 EECFA 41
KEY ONGOING AND PLANNED NON-RESIDENTIAL PROJECTS IN ROMANIA
SEGMENT STATUS NAME
(PLANNED)
START
PLANNED
END
LOCATION VOLUME
RETAIL ONGOING CITY PARK MALL & HYPERMARKET CORA Q2 2015 H2 2016 CONSTANTA, SOUTH-EAST REGION 46,000 SQM
RETAIL ONGOING AFI PALACE BUCURESTI NOI Q2 2012 H2 2016 BUCHAREST, SECTOR 1 35,000 SQM
RETAIL ONGOING TIMIŞOARA SHOPPING CITY Q1 2015 Q4 2015 TIMISOARA, WEST REGION 70,000 SQM
RETAIL ONGOING BUCHAREST MALL Q2 2014 Q2 2016 BUCHAREST, SECTOR 3 37,000 SQM
RETAIL ONGOING PLAZA ROMANIA Q2 2014 Q2 2016 BUCHAREST, SECTOR 6 40,000 SQM
RETAIL ONGOING PARKLAKE PLAZA Q4 2014 Q2 2016 BUCHAREST, SECTOR 3 180,000 SQM
RETAIL PLANNED DEDEMAN STORE Q2 2016 Q4 2016 BACAU, NORTH-EAST REGION 2,100 SQM
RETAIL PLANNED DEDEMAN STORE H1 2016 H2 2016 ORADEA, NORTH-WEST REGION 14,000 SQM
RETAIL PLANNED DEDEMAN STORE H2 2016 H1 2017 TURDA, NORTH-WEST REGION
RETAIL PLANNED OPEN VILLE PHASE 2 2018 2020 TIMISOARA, WEST REGION 150,000 SQM
RETAIL PLANNED AFI PALACE BRAŞOV H1 2016 Q4 2017 BRASOV, CENTER REGION GLA: 56,000 SQM
RETAIL PLANNED TIMISOARA CENTRUM 2016 2018 TIMISOARA, WEST REGION GLA: 80,000 SQM
RETAIL PLANNED IKEA STORE 2016 2017 BUCHAREST, SECTOR 3
RETAIL PLANNED MARINA PARK SHOPPING CENTER 2016 2017 CONSTANTA, SOUTH-EAST REGION 51,000 SQM
RETAIL PLANNED NEAMŢ SHOPPING CITY Q4 2015 2016 PIATRA NEAMT, NORTH-EAST REGION 29,000 SQM
RETAIL PLANNED DEDEMAN STORE Q1 2016 H2 2016 BUCHAREST, SECTOR 3 25,000 SQM
RETAIL PLANNED PALATUL STIRBEI SHOPPING CENTRE Q4 2015 Q4 2016 BUCHAREST, SECTOR 1 31,000 SQM
RETAIL PLANNED DEDEMAN STORE Q4 2015 H2 2016 BUCHAREST, SECTOR 1 51,000 SQM
RETAIL PLANNED DEDEMAN STORE H1 2016 H2 2016 HUNEDOARA, WEST REGION
RETAIL PLANNED VICTORIA CITY LIFESTYLE RETAIL CENTER PHASE 2 H1 2016 H2 2017 BUCHAREST, SECTOR 1 15,000 SQM
RETAIL PLANNED TIMIŞOARA PLAZA Q4 2015 H1 2017 TIMISOARA, WEST REGION 60,000 SQM
RETAIL PLANNED KAUFLAND HYPERMARKET Q2 2016 Q4 2016 BACAU, NORTH-EAST REGION 6,500 SQM
RETAIL PLANNED VICTORIA CITY LIFESTYLE RETAIL CENTER Q1 2016 H1 2017 BUCHAREST, SECTOR 1 68,000 SQM
INDUSTRIAL ONGOING MARTUR AUTOMOTIVE FACTORY PHASE 2 Q4 2015 H1 2016 CATEASCA, SOUTH REGION 17,000 SQM
INDUSTRIAL ONGOING HELLA FACTORY Q4 2015 Q1 2016 LUGOJ, WEST REGION 12,000 SQM
INDUSTRIAL ONGOING PRYSMIAN CABLE FACTORY Q4 2015 Q1 2017 SLATINA, SOUTH-WEST REGION 20,000 SQM
INDUSTRIAL ONGOING KARCHER FACTORY Q3 2015 Q2 2016 CURTEA DE ARGES, SOUTH REGION 22,000 SQM
INDUSTRIAL ONGOING ZOLLNER FACTORY Q3 2015 H1 2016 SATU MARE, NORTH-WEST REGION 15,000 SQM
INDUSTRIAL ONGOING LEONI FACTORY Q3 2015 Q4 2015 BISTRITA, NORTH-WEST REGION 22,000 SQM
INDUSTRIAL ONGOING PREH ROMANIA CAR PARTS FACTORY Q3 2015 Q4 2015 GHIMBAV, CENTER REGION EUR 6 MILLION
INDUSTRIAL ONGOING STAR TRANSMISSION (DAIMLER) ASSEMBLY HALL Q2 2014 Q4 2015 SEBES, CENTER REGION 67,000 SQM
INDUSTRIAL PLANNED HELLA FACTORY Q1 2016 Q3 2016 ARAD, WEST REGION 6,200 SQM
INDUSTRIAL PLANNED SW UMWELTTECHNIK FACTORY H1 2016 H1 2017 CRISTESTI, NORTH-EAST REGION 35,000 SQM
INDUSTRIAL PLANNED CRAIOVA INDUSTRIAL PARK 3 Q2 2016 Q4 2016 ISALNITA, SOUTH-WEST REGION 2,100,000 SQM
INDUSTRIAL PLANNED HARTING ROMANIA FACTORY PHASE 3 Q4 2016 H1 2017 SIBIU, CENTER REGION 13,000 SQM
INDUSTRIAL PLANNED SYKATEC-SIEMENS FACTORY Q1 2016 Q3 2016 SIBIU, CENTER REGION 8,000 SQM
INDUSTRIAL PLANNED MAKITA FACTORY PHASE 4 H1 2016 Q4 2016 BRANESTI, BUCHAREST-ILFOV REGION
INDUSTRIAL PLANNED CONTINENTAL FACTORY Q1 2016 H1 2017 TIMISOARA, WEST REGION 19,000 SQM
INDUSTRIAL PLANNED AIRBUS HELICOPTER FACTORY Q4 2015 H2 2016 GHIMBAV, CENTER REGION 9,600 SQM
INDUSTRIAL PLANNED HENSCHEL FACTORY H1 2016 H1 2017 JUCU, NORTH-WEST REGION EUR 10 MILLION
INDUSTRIAL PLANNED ALEXANDRIA INDUSTRIAL PARK H1 2016 H2 2016 ALEXANDRIA, SOUTH REGION 186,000 SQM
INDUSTRIAL PLANNED EMERSON FACTORY, PHASE 2 2016 H2 2018 ORADEA, NORTH-WEST REGION 7,000 SQM
INDUSTRIAL PLANNED POLICOLOR PAINT FACTORY Q4 2015 Q4 2016 BUCHAREST, SECTOR 6 10,500 SQM
LOGISTIC ONGOING LIDL LOGISTIC CENTRE Q4 2015 H2 2016 LUGOJ, WEST REGION 45,000 SQM
LOGISTIC ONGOING MEGA IMAGE LOGISTIC CENTER Q3 2015 Q4 2016 ILFOV, BUCHAREST-ILFOV REGION 30,000 SQM
LOGISTIC ONGOING FOOD STORAGE Q3 2015 H2 2016 APAHIDA, NORTH-WEST REGION 23,000 SQM
LOGISTIC ONGOING LOG CENTER BUCHAREST Q2 2015 H2 2016 MOGOSOAIA, BUCHAREST-ILFOV REGION 148,000 SQM
LOGISTIC ONGOING MARAGRO PLANT AND STORAGE Q2 2015 H1 2016 GIERA, WEST REGION 15,000 SQM
LOGISTIC ONGOING VGP PARK TIMISOARA BUILDING B2 PHASE 2 Q1 2015 Q4 2015 TIMISOARA, WEST REGION 7,500 SQM
LOGISTIC ONGOING DEDEMAN LOGISTIC CENTRE Q3 2014 Q4 2015 BACAU, NORTH-EAST REGION 35,000 SQM
LOGISTIC ONGOING LOGISTIC CENTER Q3 2014 H2 2015 BAIA MARE 38,000 SQM
LOGISTIC PLANNED PIRELLI FACTORY 2ND PHASE Q4 2015 Q2 2016 SLATINA, SOUTH-WEST REGION
LOGISTIC PLANNED KARL HEINZ DIETRICH LOGISTIC H1 2016 Q3 2017 BLAJ, CENTER REGION 20,000 SQM
LOGISTIC PLANNED LOGISTIC CENTER Q3 2016 H2 2017
POPESTI-LEORDENI, BUCHAREST-ILFOV
REGION
72,000 SQM
LOGISTIC PLANNED HIGH PERFORMANCE GREEN PORT GIURGIU H1 2016 Q4 2016 GIURGIU, SOUTH REGION EUR 16 MILLION
LOGISTIC PLANNED OLYMPIAN PARK BRASOV Q4 2015 H1 2016 BRASOV, CENTER REGION 5,000 SQM
LOGISTIC PLANNED P3 LOGISTIC PARK Q1 2016 Q4 2016 CHIAJNA, BUCHAREST-ILFOV REGION 75,000 SQM
LOGISTIC PLANNED OLYMPIAN PARK CLUJ Q3 2016 Q1 2017 JUCU, NORTH-WEST REGION 11,000 SQM
LOGISTIC PLANNED KLG LOGISTIC CENTER H2 2016 H2 2017 TURDA, NORTH-WEST REGION
LOGISTIC PLANNED INTERMODAL LOGISITIC CENTRE H1 2017 Q4 2018 TIMIS, WEST REGION 20 MILLION EUR
HOTEL ONGOING BLAXY PREMIUM RESORT & HOTEL PHASE 2 Q3 2015 Q4 2016 23 AUGUST, SOUTH-EAST REGION 35,000 SQM
PROJECT DATA: NON-RESIDENTIAL

42. ROMANIA Project data: Non-residential © 2014 EECFA 42
KEY ONGOING AND PLANNED NON-RESIDENTIAL PROJECTS IN ROMANIA
SEGMENT STATUS NAME
(PLANNED)
START
PLANNED
END
LOCATION VOLUME
HOTEL ONGOING HOTEL COCORUL Q3 2014 Q1 2016 VENUS, SOUTH-EAST REGION 8,000 SQM
HOTEL ONGOING HOTEL HAMPTON BY HILTON Q4 2013 Q1 2016 IASI, NORTH-EAST REGION 7,000 SQM, 123 ROOMS
HOTEL ONGOING HOTEL MAMAIA Q4 2012 H1 2016 CONSTANTA, SOUTH-EAST REGION 8,000 SQM
HOTEL PLANNED AIRPORT CITY PARK Q1 2016 H1 2017 OTOPENI, ILFOV 25,000 SQM
HOTEL PLANNED IRIDE CITY PHASE 2 H1 2016 H2 2018 BUCHAREST, SECTOR 2 60,000 SQM
HOTEL PLANNED HOTEL GEMI CENTER Q4 2015 Q2 2016 ARAD, WEST REGION 5,000 SQM
HOTEL PLANNED HILTON GARDEN INN H1 2016 H1 2017 CRAIOVA, SOUTH-WEST REGION 5,890 SQM, 108 ROOMS
HOTEL PLANNED HILTON GARDEN INN Q4 2015 Q1 2016 CONSTANTA, SOUTH-EAST REGION 10,000 SQM, 145 ROOMS
EDUCATION ONGOING MEDICAL RESEARCH AND DEVELOPMENT CENTRE Q1 2015 Q4 2015 TARGU MURES, CENTER REGION 4,000 SQM
EDUCATION ONGOING CONTINENTAL POWERTRAIN TESTING LABORATORY Q4 2015 Q2 2016 GHIMBAV, CENTER REGION 1,700 SQM
EDUCATION ONGOING RESEARCH AND DEVELOPMENT CENTRE Q1 2015 Q1 2016 BUCHAREST, SECTOR 6 78,000 SQM
EDUCATION ONGOING PARTENIE COSMA NATIONAL COLLEGE & VASILE VOICULESCU SCHOOL Q1 2015 H2 2016 ORADEA, NORTH-WEST REGION 16,000 SQM
EDUCATION ONGOING TERTIARY SCHOOL Q2 2014 H2 2016 BUCHAREST, SECTOR 5 7,300 SQM
EDUCATION ONGOING M. KOGALNICEANU HIGH SCHOOL Q4 2014 Q4 2015 SNAGOV, BUCHAREST-ILFOV REGION 8,100 SQM
EDUCATION ONGOING CUMPANA SCHOOL CAMPUS Q3 2014 H1 2016 CONSTANTA, SOUTH-EAST REGION 3,900 SQM
EDUCATION ONGOING RESEARCH CENTER CAMPUS Q1 2014 Q4 2015 BUCHAREST, SECTOR 6 8,500 SQM
EDUCATION ONGOING CRAIOVA UNIVERSITY - MECHANICS FACULTY Q1 2014 Q4 2015 CRAIOVA, SOUTH-WEST REGION 6,300 SQM
EDUCATION ONGOING EXTREME LIGHT INFRASTRUCTURE - NUCLEAR PHYSICS FACILITY Q2 2013 Q1 2016 MAGURELE, BUCHAREST-ILFOV REGION 34,000 SQM
EDUCATION PLANNED TETAPOLIS RESEARCH AND DEVELOPMENT CENTRE H2 2016 H1 2018 CLUJ-NAPOCA, NORTH-WEST REGION
EDUCATION PLANNED TULCEA EDUCATIONAL CENTRE H1 2016 H2 2018 BABADAG, SOUTH-EAST REGION 80,000 SQM
EDUCATION PLANNED RENOVATION OF SCHOOLS, KINDERGARTENS 2016 2020 BUCHAREST, SECTOR 1 334,000 SQM
EDUCATION PLANNED RADIO-MOLECULAR IMAGING RESEARCH CENTRE H1 2016 H1 2017 MAGURELE, BUCHAREST-ILFOV REGION 9 MILLION EUR
EDUCATION PLANNED EMANUIL UNGUREANU TECHNICAL COLLEGE H1 2016 H1 2018 TIMISOARA, WEST REGION 1,700 SQM
EDUCATION PLANNED TRANSILVANIA MOTORLAND RESEARCH & DEVELOPMENT CENTRE H1 2016 H2 2016 BRASOV, CENTER REGION 11,000 SQM
EDUCATION PLANNED ADVANCED RESEARCH INSTITUTE Q2 2016 Q4 2016 TIMISOARA, WEST REGION 14,000 SQM
EDUCATION PLANNED SCIENTIFIC AND TECHNOLOGY PARK Q4 2016 Q4 2018 BUCHAREST, SECTOR 3 13 HA
HEALTH-CARE ONGOING MEDGIDIA HOSPITAL Q4 2015 H2 2016 MEDGIDIA, SOUTH-EAST REGION 3,700 SQM
HEALTH-CARE ONGOING DOCTOR IOAN AUREL SBARCEA HOSPITAL Q3 2015 Q4 2015 BRASOV, CENTER REGION 4,000 SQM
HEALTH-CARE ONGOING CITY HOSPITAL Q2 2015 Q4 2015 SINAIA, SOUTH REGION 8,000 SQM
HEALTH-CARE ONGOING CRAIOVA COUNTY HOSPITAL EMERGENCY UNIT Q2 2015 Q2 2016 CRAIOVA, SOUTH-WEST REGION 2,800 SQM
HEALTH-CARE ONGOING EMERGENCY HOSPITAL PETROSANI Q4 2014 H2 2016 PETROSANI, WEST REGION 15,800 SQM
HEALTH-CARE ONGOING LOUIS TURCANU HOSPITAL Q2 2014 Q2 2016 TIMISOARA, WEST REGION 10,000 SQM
HEALTH-CARE ONGOING FOISOR HOSPITAL Q2 2013 Q4 2017 BUCHAREST, SECTOR 2 13,000 SQM
HEALTH-CARE ONGOING ILFOV COUNTY HOSPITAL Q3 2014 Q1 2016 BUCHAREST, SECTOR 2 4,500 SQM
HEALTH-CARE ONGOING DR.FOGOLYAN KRISTOF COUNTY HOSPITAL Q3 2014 Q1 2016 COVASNA, CENTER REGION 14,700 SQM
HEALTH-CARE ONGOING MEDICAL CLINIC Q4 2011 Q4 2015 BUCHAREST, SECTOR 1 10,000 SQM
HEALTH-CARE PLANNED PRECISTA HOSPITAL H2 2016 H2 2017 ROMAN, NORTH-EAST REGION 16,000 SQM
HEALTH-CARE PLANNED COUNTY HOSPITAL BACAU Q4 2015 Q4 2016 BACAU, NORTH-EAST REGION EUR 5 MILLION
HEALTH-CARE PLANNED REGIONAL ONCOLOGY CENTER H1 2016 H1 2018 TIMISOARA, WEST REGION 22,000 SQM
HEALTH-CARE PLANNED CITY HOSPITAL Q4 2015 H2 2017 MIOVENI, SOUTH REGION 15,000 SQM
TRANSPORT BUILDINGS ONGOING SATU MARE AIRPORT Q3 2015 H1 2016 SATU MARE, NORTH-WEST REGION 1,050 SQM
TRANSPORT BUILDINGS ONGOING TURSIB BUS TERMINAL Q1 2015 H1 2016 SIBIU, CENTER REGION 4,8 MILLION EUR
TRANSPORT BUILDINGS ONGOING HENRI COANDA INTERNATIONAL AIRPORT Q3 2015 Q4 2016 OTOPENI, BUCHAREST-ILFOV REGION 3,500 M
TRANSPORT BUILDINGS ONGOING RAILWAY STATION TARGU MURES Q3 2014 H1 2018 TARGU MURES, CENTER REGION 10 MION EUR
TRANSPORT BUILDINGS ONGOING ARAD INTERNATIONAL AIRPORT Q2 2014 Q1 2016 ARAD, WEST REGION 4,200 SQM
TRANSPORT BUILDINGS PLANNED BUS TERMINAL Q3 2016 H1 2017 OTOPENI, BUCHAREST-ILFOV REGION 500 SQM
TRANSPORT BUILDINGS PLANNED GEORGE ENESCU INTERNATIONAL AIRPORT Q4 2015 H1 2017 BACAU, NORTH-EAST REGION 4,700 SQM
TRANSPORT BUILDINGS PLANNED MULTIMODAL TERMINAL H1 2016 Q4 2016 PLOIESTI, SOUTH REGION 1,100 SQM
OTHER NON-RESIDENTIAL ONGOING DEVESELU AIRBASE Q4 2013 Q1 2016 OLT, SOUTH-WEST REGION 108 HA
OTHER NON-RESIDENTIAL ONGOING CRAOIVA STADIUM Q3 2015 H2 2016 CRAIOVA, SOUTH-WEST REGION 41,000 SQM
OTHER NON-RESIDENTIAL ONGOING CORNISA AMUSEMENT PARK Q2 2013 Q1 2016 BOTOSANI, NORTH-EAST REGION EUR 25 MILLION
OTHER NON-RESIDENTIAL ONGOING CAPIDAVA FORTRESS Q1 2015 H2 2016 CONSTANTA, SOUTH-EAST REGION EUR 12 MILLION
OTHER NON-RESIDENTIAL ONGOING COMPLEX WELLNESS TERMAL NYMPHAEA Q1 2015 H1 2016 ORADEA, NORTH-WEST REGION 18,000 SQM
OTHER NON-RESIDENTIAL ONGOING PLOIESTI RIDING ARENA Q4 2014 Q4 2015 PLOIESTI, SOUTH REGION 5,900 SQM
OTHER NON-RESIDENTIAL ONGOING SPORT CENTRE Q4 2014 Q4 2016 SFANTU GHEORGHE, CENTER REGION 8,700 SQM
OTHER NON-RESIDENTIAL ONGOING CULTURAL PALACE IASI Q4 2014 Q1 2016 IASI, NORTH-EAST REGION 34,000 SQM
OTHER NON-RESIDENTIAL ONGOING PARKING BUILDING Q1 2014 Q4 2015 BRASOV, CENTER REGION 8,900 SQM
OTHER NON-RESIDENTIAL ONGOING SUCIDAVA FORTRESS Q3 2014 Q4 2015 OLT, SOUTH-WEST REGION EUR 184 MILLION
OTHER NON-RESIDENTIAL ONGOING METROPOLITAN CATHEDRAL IASI Q3 2013 H2 2016 IASI, NORTH-EAST REGION 18,000 SQM
OTHER NON-RESIDENTIAL ONGOING PALACE OF THE PATRIARCHATE Q1 2014 Q4 2015 BUCHAREST, SECTOR 4 16,000 SQM
OTHER NON-RESIDENTIAL ONGOING SPORT CENTRE 2011 2017 SLATINA, SOUTH-WEST REGION 5,400 SQM
PROJECT DATA: NON-RESIDENTIAL

43. ROMANIA Project data: Non-residential © 2014 EECFA 43
KEY ONGOING AND PLANNED NON-RESIDENTIAL PROJECTS IN ROMANIA
SEGMENT STATUS NAME
(PLANNED)
START
PLANNED
END
LOCATION VOLUME
OTHER NON-RESIDENTIAL ONGOING ORTHODOX CATHEDRAL - CATEDRALA MANTUIRII NEAMULUI Q4 2011 H2 2017 BUCAHAREST, SECTOR 5 42,000 SQM
OTHER NON-RESIDENTIAL PLANNED P46 CARACAL PRISON H1 2016 H1 2017 CARACAL, SOUTH-WEST REGION 27,000 SQM
OTHER NON-RESIDENTIAL PLANNED RUGBY SPORT CENTRE H2 2015 H1 2016 BUCHAREST, SECTOR 1 37,000 SQM
OTHER NON-RESIDENTIAL PLANNED CONSTANTA ARENA Q4 2015 H2 2016 CONSTANTA, SOUTH-EAST REGION 7 HA
OTHER NON-RESIDENTIAL PLANNED TUDOR VLADIMIRESCU STADIUM Q4 2015 Q1 2017 TARGU JIU, SOUTH-WEST REGION 3,400 SQM
OTHER NON-RESIDENTIAL PLANNED MIHAI FLAMAROPOL ICE ARENA H1 2016 Q4 2016 BUCHAREST, SECTOR 2 22,600 SQM
OTHER NON-RESIDENTIAL PLANNED WATER UNIVERSE AQUAPARK H2 2016 Q3 2017 DUDESTII NOI, WEST REGION EUR 15 MILLION
OTHER NON-RESIDENTIAL PLANNED PARKING BUILDING, VEHICULAR UNDERPASS Q3 2015 H2 2016 DEVA, WEST REGION 5,300 SQM
OTHER NON-RESIDENTIAL PLANNED UNDERGROUND PARKING AVRAM IANCU H2 2016 H2 2017 ARAD, WEST REGION 18,083 SQM
PROJECT DATA: NON-RESIDENTIAL

44. ROMANIA Project data: Civil engineering © 2014 EECFA 44
KEY ONGOING AND PLANNED CIVIL ENGINEERING PROJECTS IN ROMANIA
SEGMENT STATUS NAME
(PLANNED)
START
PLANNED
END
LOCATION VOLUME
ROAD ONGOING A3 HIGHWAY TARGU MURES-UNGHENI SECTION Q3 2015 Q2 2016 MURES, CENTER REGION 9,2 KM
ROAD ONGOING A3 HIGHWAY UNGHENI-OGRA SECTION Q3 2015 Q2 2016 MURES, CENTER REGION 10 KM
ROAD ONGOING A3 HIGHWAY SECTION 5 Q3 2015 Q2 2017 BIHOR, NORTH-WEST REGION 60 KM
ROAD ONGOING TARGOVISTE BYPASS ROAD Q3 2015 Q1 2016 TARGOVISTE, SOUTH REGION 13,8 KM
ROAD ONGOING BACAU BYPASS ROAD Q2 2015 H2 2017 BACAU, NORTH-EAST REGION 30,7 KM
ROAD ONGOING CAREI BYPASS ROAD Q1 2012 Q4 2015 CAREI, NORTH-WEST REGION 10 KM
ROAD ONGOING TÂRGU JIU BYPASS ROAD Q1 2015 Q1 2017 GORJ, SOUTH-WEST REGION 20 KM
ROAD ONGOING A1 HIGHWAY, TIMISORARA-LUGOJ SEGMENT 2 Q1 2014 H1 2016 TIMIS, WEST REGION 25 KM
ROAD ONGOING A1 HIGHWAY LUGOJ - DEVA SEGMENT 4 Q1 2014 H2 2016 ILIA - SOIMUS, WEST REGION 22,1 KM
ROAD ONGOING A1 HIGHWAY LUGOJ - DEVA SEGMENT 3 Q2 2014 Q2 2016 COSEVITA - ILIA, WEST REGION 21,1 KM
ROAD ONGOING A1 HIGHWAY LUGOJ - DEVA SEGMENT 2 Q4 2013 Q2 2016 TRAIAN VUIA - COSEVITA, WEST REGION 28,6 KM
ROAD ONGOING OVERHEAD BRIDGE Q2 2014 Q4 2015 PITESTI, SOUTH REGION 500 M
ROAD ONGOING A 10 HIGHWAY, SEGMENT 2 Q1 2015 H2 2016 ALBA, CENTER REGION 24,3 KM
ROAD ONGOING A 10 HIGHWAY, SEGMENT 1 Q1 2015 H2 2016 ALBA, CENTER REGION 17 KM
ROAD ONGOING TARGU MURES BYPASS ROAD Q4 2014 H2 2016 MURES, CENTER REGION 11 KM
ROAD ONGOING BRASOV BYPASS SECTION 1 Q4 2014 H2 2015 BRASOV, CENTER REGION 7,29 KM
ROAD ONGOING BRIDGE DN 76 - CENTURA Q3 2014 Q4 2015 ORADEA, NORTH-WEST REGION 226 M
ROAD ONGOING EXPRESS ROAD Q4 2014 H1 2016 ORADEA, NORTH-WEST REGION 3,525 M
ROAD ONGOING A 10 HIGHWAY, SEGMENT 4 Q4 2014 Q4 2015 CLUJ, NORTH-WEST REGION 16,3 KM
ROAD ONGOING A 10 HIGHWAY, SEGMENT 3 Q4 2014 Q4 2015 ALBA, CENTER REGION 12,5 KM
ROAD PLANNED TRANSFAGARASAN HIGHWAY H2 2016 H2 2017 SIBIU, CENTER REGION 91,000 M
ROAD PLANNED MIHAILESTI BYPASS H1 2016 H1 2017 MIHAILESTI, SOUTH REGION 13,800 M
ROAD PLANNED FAGARAS BYPASS ROAD H2 2016 H2 2019 FAGARAS, CENTER REGION 5,930 M
ROAD PLANNED A3 HIGHWAY CHETANI - CAMPIA TURZII SEGMENT H1 2016 2021 MURES, CENTER REGION 15,7 KM
ROAD PLANNED A3 HIGHWAY OGRA - IERNUT SEGMENT H1 2016 2021 MURES, CENTER REGION 3,6 KM
ROAD PLANNED A3 HIGHWAY IERNUT - CHETANI SEGEMENT H1 2016 2021 MURES, CENTER REGION 17,9 KM
ROAD PLANNED A1 HIGHWAY SIBIU-PITESTI 2017 2019 SIBIU AND ARGES COUNTIES 116 KM
ROAD PLANNED STEI BYPASS ROAD H1 2016 H2 2019 BIHOR, NORTH-WEST REGION 28 KM
ROAD PLANNED SATU MARE BYPASS ROAD H1 2016 H2 2017 SATU-MARE, NORTH-WEST REGION 13,5 KM
ROAD PLANNED GALATI-BRATIANU TUNNEL Q4 2015 H2 2017 GALATI-BRATIANU, SOUTH-EAST REGION 2,000 M
ROAD PLANNED SIBIU-FAGARAS HIGHWAY H1 2016 H2 2018 BRASOV, CENTER REGION 72,5 KM
ROAD PLANNED A3 HIGHWAY GILAU - MIHAIESTI H1 2016 Q2 2017 CLUJ, NORTH-WEST REGION 24 KM
ROAD PLANNED A3 HIGHWAY COMARNIC-BRASOV H1 2016 2020 CENTER AND SOUTH REGIONS 58 KM
ROAD PLANNED CARACAL BYPASS ROAD Q1 2015 H1 2016 OLT, SOUTH-WEST REGION 11 KM
RAILWAY ONGOING RAILWAY CORRIDOR IV, SECTION 5 Q2 2012 Q4 2015 COSLARIU – SIGHISOARA, CENTER REGION 91,6 KM
RAILWAY ONGOING RAILWAY CORRIDOR IV, SECTION 4 Q2 2012 H2 2016 VINTU DE JOS – COSLARIU, CENTER REGION 33,1 KM
RAILWAY ONGOING RAILWAY CORRIDOR IV, SECTION 1 Q2 2012 Q4 2015 BORDER - CURTICI - ARAD, WEST REGION 41,1 KM
RAILWAY ONGOING RAILWAY CORRIDOR IV, SECTION 3 H1 2014 H1 2017 SIMERIA – VINTU DE JOS, CENTER REGION 42,7 KM
RAILWAY ONGOING PARK & RIDE VERGULUI REABILITARE SISTEM RUTIER ŞI LINIE DE TRAMVAI
PE ŞOSEAUA PANTELIMON ŞI ŞOSEAUA IANCULUI
Q2 2014 Q4 2015 BUCHAREST, SECTOR 2 17,000 SQM
RAILWAY ONGOING SUBWAY - M4 LINE Q4 2012 Q3 2016 BUCHAREST, SECTOR 1 EUR 161 MILLION
RAILWAY ONGOING SUBWAY - M5 LINE Q4 2011 H2 2016 BUCHAREST, SECTOR 6 10 KM
RAILWAY PLANNED BUCHAREST-GIURGIU RAILWAY Q1 2016 H2 2016 BUCHAREST-ILFOV AND SOUTH REGIONS 95 KM
RAILWAY PLANNED ROSIORI DE NORD STATION Q1 2016 Q3 2016 ROSIORI DE VEDE, SOUTH REGION 400 SQM
RAILWAY PLANNED SUBWAY -M6 LINE Q4 2015 H1 2020 BUCHAREST, SECTOR 6 16 KM
RAILWAY PLANNED SUBWAY - M4 LINE H2 2018 H2 2020 BUCHAREST 15 KM
RAILWAY PLANNED SUBWAY LINE 1, 2, 3, TL - VENTILLATION TECHNOLOGY Q4 2015 Q4 2016 BUCHAREST, SECTOR 1 8,1 KM
OTHER TRANSPORT INFRA ONGOING TULCEA DANUBE DELTA AIRPORT Q3 2015 Q2 2016 TULCEA, SOUTH-EAST REGION 52,150 SQM
OTHER TRANSPORT INFRA ONGOING VEHICULAR BRIDGE Q3 2015 Q1 2016 ORADEA, NORTH-WEST REGION 33 M
OTHER TRANSPORT INFRA ONGOING NICOLINA TUNNEL Q2 2015 Q4 2015 IASI, NORTH-EAST REGION 15,560 SQM
OTHER TRANSPORT INFRA ONGOING HANGAR, RUNWAY Q2 2015 H1 2016 BORCEA, SOUTH REGION 3,500 M
OTHER TRANSPORT INFRA ONGOING MILITARY AIRPORT Q1 2015 Q4 2016 OTOPENI, ILFOV 1321 M
OTHER TRANSPORT INFRA ONGOING VEHICULAR OVERPASS Q1 2015 Q1 2016 PLOIESTI, SOUTH REGION 500 M
OTHER TRANSPORT INFRA ONGOING VIADUCT Q2 2014 H2 2015 SIBIU, CENTER REGION 4,300 SQM
OTHER TRANSPORT INFRA PLANNED TIMISOARA TOWN SQUARE AND UNDERGROUND PARKING H2 2016 H1 2020 TIMISOARA, WEST REGION 22,000 SQM
OTHER TRANSPORT INFRA PLANNED BRIDGE OVER TISA RIVER 2017 2018 SIGHETU MARMATIEI, NORTH-WEST REGION 2,000 M
OTHER TRANSPORT INFRA PLANNED POPA SAPCA VEHICULAR OVERPASS Q1 2016 Q4 2017 TIMISOARA, WEST REGION 23,5 M
OTHER TRANSPORT INFRA PLANNED BAIA MARE AIRPORT Q4 2015 H2 2016 TAUTII-MAGHERAUS, NORTH-WEST REGION 2,150 M
OTHER TRANSPORT INFRA PLANNED A3 HIGHWAY REST AREA H1 2016 H2 2017 PRAHOVA, ILFOV COUNTIES 10 PIECES
OTHER TRANSPORT INFRA PLANNED DANUBE BRIDGES H2 2016 H2 2018 CALARASI-TURNU MAGURELE, SOUTH REGION AND BULGARIA
OTHER TRANSPORT INFRA PLANNED BUCHAREST-DOMNESTI OVERPASS H1 2016 H2 2018 BUCHAREST-DOMNESTI, BUCHAREST-ILFOV REGION 260 M
OTHER TRANSPORT INFRA PLANNED SPORT AIRCRAFT AIRPORT PHASE 2 H1 2016 H2 2017 BORCEA, SOUTH REGION 6,500 SQM
PROJECT DATA: CIVIL ENGINEERING