A developer in Pipera gives buyers their money back

The construction of the Global City residential complex in Pipera, northern Bucharest, which is held by Greek investment fund Global Finance, has been put off, with the down payments made for the 50 apartments contracted being returned to buyers, who had paid 25% of the apartments' value in advance. "50 pre-contracts were signed for the Global City Residential complex. All were cancelled because the project has been suspended until mid-2010, when construction will be resumed. In the meantime, changes will also be brought to the project, with the surface areas of apartments and of terraces to be shrunk," Aurelia Luca, commercial manager of Global Finance Real Estate, told ZF. The project was supposed to be built near the Global City office buildings in Pipera, and was to entail 381 apartments in four buildings. The original deadline for completing the construction was the first quarter of 2010, with sale prices of around 1,500 euros/square metre.