Asmita Gardens apartments revalued downwards by 10,000 euros

The value of apartments part of Asmita Gardens project, developed by India's Asmita company in partnership with Britain's Charlemagne on the banks of Dambovita, downtown Bucharest, was reassessed downwards by around 10,000 euros for each housing unit, in the first official evaluation that indicates a drop in the prices of Bucharest's old apartments. Revenues expected to be generated from the sale of Asmita Gardens, made up of almost 800 apartments, were assessed down by almost 10m euros or 6.5%, to 146.1m euros, by SHM Smith Hodgkinson company. The assessment points to an average price of 176,000 euros per apartment, taking into account that retail spaces part of the project were valued at 11m euros, according to Charlemagne representatives. "SHM's assessment indicates an average price per square metre of 1,500 euros, while our prices stand above 1,600 euros per square metre. This does not mean we'll cut prices," stated the company's representatives on the domestic market. They stated around 350 apartments part of the project are available on the market, without specifying the number of units the company has sold lately. SHM also considers the time set for the sale of all apartments will be expanded by one year, given market conditions, until November 2010.