This is the company’s second auction, as in the first one, organized in the first half of the year, offers made by builders were 30-35 percent above the price proposed by Atrium.
“We estimate to finalize the negotiation process with one of the three companies in March 2009. This process will result in a cut of construction prices, which are much more competitive than those we were familiar with, especially in the first half of 2008,” Calinescu added. The developer has signed contracts for half of the rentable space in this commercial project.
Construction work at an Arad mall is moving ahead according to plan established with the Hungarian Arcadom developer. Some 50 percent of Atrium Arad has already been rented, and a further 10 percent of the contracts are in the final phase of negotiation.
Regarding the Satu Mare and Baia Mare commercial projects, the company said it will continue to develop these and expects to complete them by the end of 2011. The Atrium Centers official said that when 50 percent of the available space is rented, the developer will initiate procedures for finalizing the financing contract with banks.
