Construction work to resume on ‘frozen’ buildings
13 August 2009
Developers of Quadra 2 and Primavara Lujerului, the residential buildings totalling over 1,800 apartments, could resume construction works this autumn, after the market has been frozen for over a year, during which time new projects could be counted on the fingers of one hand, writes Ziarul Financiar.
"I can definitely say we will resume works on the Quadra 2 project by the end of this year. We will be working on three sections, consisting of over 200 apartments, whose construction could start in September," said Romeo Cazanescu, general manager of Conarg Real Estate.
Quadra 2 is an 850-apartment project in the Politehnica area of Bucharest, announced in September last year. The investment planned at the time amounted to 75 million euros, with the money to come from the company’s own funds, as well as from Raiffeisen Bank loans.
Towards the end of last year, Conarg representatives announced the freezing of the project, and the company’s intention to focus on building the Rasarit de Soare complex, which will be completed this autumn in Titan. After this project is delivered, Conarg, which has also developed the Quadra Place project, will have over 1,300 new apartments built in Bucharest.
The decline in construction material costs, the "First home" programme and the low number of new projects could prompt some investors to start building again. The developer of Primavara Lujerului in Bucharest has also announced plans to resume construction of the "abandoned" project.
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