As a result of this cut, the minimum price of a studio in the Primavara Ghencea complex reached 39,500 euros. A total of 130 apartments of the 470 built are still available.
"Because we have our own construction, project management and sales teams we can operate these price cuts (from 1,000 euros per square metre to 797 euros/square metre i.e.) and still make profit. We are having this promotional campaign because we want to complete the Primavara Ghencea and be able to focus on the next complex, in the Lujerului area, where construction works were halted as a precaution. We intend to resume work in September," Ion Avram told ZF. Had the entrepreneur turned to a construction company outside the group and a consultant to sell the apartments, costs would have gone up by at least 10%.
With the development of 470 apartments in the Primavara Ghencea complex, Avram has become one of the most important Romanian home builders in Bucharest, along with Dan Ioan Popp, Negoita brothers and Nicolae Dumitru who developed Central Park.
The blocks of apartments in Primavara Ghencea have been erected, with approximately 150 families having already moved in the complex only minutes away from the Steaua stadium. About 150 people are currently working on finishing a section of the building, as well as on arranging the retail space on the ground floor of the blocks, where a kindergarten, a spa, an indoor swimming pool, a restaurant and pool room and a dry cleaning facility will operate.
At some point Can Serv representatives had said that the complex had 80 homes available. Their number has grown to 130 in the meantime, after an investor bought only 39 of the 70 apartments reserved, while other buyers, end users, gave up their apartments because they could no longer take out loans to buy them or failed to sell their old apartments.
The Primavara Ghencea project, valued at 48-50 million euros, is financed via a loan from Credit Europe, which also financed the over 20 million-euro acquisition of the plot of land in the Lujerului area, where the second project of the company will be developed. "We are not pressured by banks. We just want to move on to the next project, where we have pre-contracts signed for about 100 apartments. We hope to finish the construction works within two weeks and concentrate only on interior finishings. Out of the apartments with pre-contracts signed for them we have about 20 untouched (i.e. where no one is working on finishings) and expect buyers to pick the finishings for about 130 apartments not sold," Avram added.
At the complex near Lujerului, which will include 1,000 homes, works were stopped at the foundation stage.
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