Part of the clients who have made down payments of tens ofthousand euros for apartments in Laguna Residence housing projecton the banks of Lacul Tei are angry about the project's beingdelayed as it was due to be finished late last year and want theirmoney back, in the context where the pace of works is slow andprices set two years ago are too high compared with the currentmarket values. Developers say they are willing to cut prices by20-30% and offer other incentives as well, but not all the clientsare ready to agree with the new conditions. The developers of theproject, a group of Spanish investors, are accounting for delays bythe fact that GEA Prasa joint venture was dissolved, with GrupoPrasa exiting the project, while GEA 21 is continuing works and istrying to get banking funding in the following weeks. GEA 21 saysit has so far invested some 30m euros in this project using its ownfunds and it needs another 10m euros to finish the first units ofthe project that is due to comprise over 500 apartments.
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