Copper Beech shareholders, who have postponed most of their planned real estate projects due to the crisis, will renegotiate the conditions of their €15 million loan contract with Alpha Bank in the coming two months, in order to postpone reimbursement. “The Board of Directors is due to make a decision regarding the period for which to postpone the Alpha Bank loan,” according to a statement for Business Standard by Diwaker Singh, President and one of the company’s shareholders.
Singh explained that not only will the real estate developer benefit from such an extension, but also those who have acquired a Blue Tower home, as the period for paying the full sale price will be extended for them as well. “For now we are only working on the Blue Tower, of which we have so far sold 65 percent. This year we sold nothing, but we are expecting to reinitate sales again in September, when the project is completed,” added Singh. Most of the homes were sold as a package to the Norwegian Romania Invest investment fund.
Blue Tower is Copper Beech’s first project on the local market, and it originally planned a further 17 residential projects.
