GEA Prasa postpones residential project
29 July 2008
Spanish GEA Prasa developer, postponed a EUR 170 million residential project in Romania, due to delays in construction authorizations, the company said. Approval was delayed due to changes in Bucharest's local administration, following local elections in June.
“The project, located in southwestern Bucharest, will be launched next spring. The project was initially scheduled to begin this year. It will include some 2,000 housing units,'' Chief Operations Officer (COO), Antonio Zarnescu, told Business Standard.
GEA Prasa is currently in talks for the acquisition of other plots of land, Zarnescu said.
''We are not only looking for large areas, but for plots suited for building two or three blocks of flats. We are also interested in other segments, besides residential,'' he added.
The company plans investments worth EUR 300 million in local residential projects.
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