“It is unlikely that we launch a new project this year, but we are working on the projects that we started, and are continuing with the sale of the 1,000 apartments in our portfolio,” he added.
According to Negoita, the group sold only four apartments in the past two-three months, for which pre-contracts were already signed.
However, Negoita plans to sell at least 400-500 apartments this year. “As of February, we will apply a residential leasing system, to allow our clients to pay off apartments through monthly fees for 10 years,” he said.
The residential market is in a deadlock, as lending is blocked and potential buyers are waiting for prices to fall further. Negoita said that, unless the banking system revives by March and lending resumes, sales on the residential market could drop by 20 percent.
Pro Confort posted €60 million in turnover in 2008, of which the residential business made up 60 percent. The remaining 40 percent comes from the hotel business. The Negoita brothers own the Rin Grand Hotel, one of the largest hotels in Eastern Europe, worth some €120 million last year. They also own the Confort hotel chain, a water park in northern Bucharest, and a villa complex, also in northern Bucharest.
