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My Dream residential complex in Pipera: 15.3 million euros for 129 apartments

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28.04.2011, 23:35 64

The biggest auction involving a set of insolvent new apartmentswill be organised next week, when the court-appointed administratorBDO and Bank of Cyprus will put up for sale 129 apartments of theMy Dream development in Pipera, as well as 98 storage units, 210parking spots, retail space and a 500 square-metre pool.

The project was developed by Plus Development, controlled byTurkish businessmen who erected three buildings totalling 174apartments, of which they only sold 40, for which reason they wentinsolvent with 17 million euros debts, most of which to Bank ofCyprus (14 million euros).

"The bank was in talks with a potential investor and there is abuyer of the specification document," Geanina Oancea, BDO Partnertold ZF. The specification document price stands at 500 lei plusVAT.

The bank is thus trying to get a price of almost 120,000 eurosplus VAT per apartment, which money also includes a storage unitand a parking spot, with the average total surface area per homestanding at about 170 square metres. Developers were asking 250,000euros for these apartments back in mid 2008.

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