“We will not begin the project before the summer or fall of 2010. In October 2008 we reimbursed the money we had taken from Raiffesen, because there was no point in keeping it, as long as the market does not allow us to begin works,” Scripcaru told Business Standard.
The company obtained financing from Raiffeisen for the first stage of the project, which involves investments worth some €20 million. The investment in the entire project, which will include 1,000 apartments, was estimated at €100 mln.
Advanced Development’s portfolio includes residential projects totaling 130,000 sqm and office projects of 40,000 sqm. The total value of the projects the company is currently developing exceeds €250 mln.
