South Pacific to invest EUR 75 million in two residential projects
05 February 2009
The Australian South Pacific real estate developer plans to invest over EUR 75 million in two new residential projects in 2009, despite the downfall of the local market due to the financial crisis.
''There is still high demand for homes in Bucharest, and because we have decided to build our future projects with ecological materials, which cut energy costs by 60 per cent, and we secured our financing before the crisis hit, we will continue our investments in 2009, regardless of the problems on the real estate market,'' said George Prelea, the company’s President.
The developer plans to begin works for the Darwin residential complex in the summer, with the project due to be finalized in one and a half years. The second project in 2009, named Hobart, will include 264 apartments, and will cost some EUR 36 million, said Andrew Prelea, South Pacific CEO.
<<< back to Romanian news >>>
International Property News
Latest World News