Odyseea Residential sees 20 percent pre-contracts, turns to promotional offers
08 July 2009
The developers of the Odyseea Residential project have pre-contracted 20 percent of the apartments in the compound in the Sisesti area of Bucharest, Yigal Solomon, director general of New Horizon Romania, has told Business Review. The project is being developed by Israeli Profit Building Industry and Caterata, which in turn is a partnership between New Horizon and Austrian investment fund Immoeast. It is ongoing with the first phase of deliveries set for April next year.
The developers started to see a positive market response in May this year, according to the company. "We can't deny the crisis has affected us but we have a strong background and we are trying to find ways to get through this period," Solomon said. The firm is offering discounts of EUR 100 per sqm and personalized offers, as well as financial packages in partnership with 15 banks.
The price per sqm for apartments in the compound is EUR 1,350, but the developers are also offering discounts to customers who work for companies headquartered in the Sisesti area.
As for the First House government program, the developers do not expect it to have a big impact on sales as prices of apartments in the project are higher than EUR 60,000, but the firm has received requests from customers interested in the program. "We hope the market attitude will change in a positive way. The program can accelerate the market and broaden customers' options," says Solomon.
New Horizon Group carries out real estate projects in Romania, Poland and Latvia. Along with its partners, the developer owns projects which will contain 7,500 housing units in total, according to the company. Projects in Romania include sites in Satu Mare, Brasov, Cernica, Snagov and Piatra Neamt, according to company officials.
Profit Building Industries owns a 120-room hotel in Bucharest, a land plot and an office building in Ploiesti, as well as land in Constanta, Bucharest, Piatra Neamt, Ploiesti and Satu Mare.
Source: Business Review (Corina Saceanu)
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