“We will not sell land to refinance other projects, as other developers have done, but rather will establish partnerships with various developers or construction companies for some of the lots, as we have already done in Galati with Globe Trade Centre [Ed. n. GTC and Aura Investments is developing a Galleria commercial center in Galati),” added Margescu. The company is planning seven residential projects nationwide, in Sibiu, Targu Mures, Suceava, Timisoara and Iasi, as well as two near Bucharest, in Tunari and Sabareni.
“We will not initiate residential projects this year, because we are waiting to see what impact new BNR [Ed. n. National Bank of Romania) norms will have on the market, but for sure we will begin these next year,” said Margescu.
