The main reasons for this decision include financing sources secured in previous years, prices of homes below €100,000, and contracts signed with several banks for the granting of mortgages to potential buyers.
“There is still high demand for homes in Bucharest, and because we have decided to build our future projects with ecological materials, which cut energy costs by 60 percent, and we secured our financing before the crisis hit, we will continue our investments in 2009, regardless of the problems on the real estate market,” said George Prelea, the company’s President.
“Next month, we will receive construction permits for the Darwin complex, with work to begin in summer, and due to be finalized in one and a half years. We will also begin a second project in 2009, named Hobart, which will include 264 apartments, to cost some €36 million,” said Andrew Prelea, Chief Executive Officer of South Pacific.
