Businessman Iulian Dascalu, the owner of Iulius Mall shoppingcentre network, says he had to rethink the Palas project that he isdeveloping in Iasi amid the collapse of the market of apartments,which made up a significant part of the 260m-euro project.
"With the crisis, as the project was at the beginning, we scaledback the housing segment from 800 to 100 apartments, taking intoaccount this is the hardest hit segment of the real estate market,not only in our country, but across the entire world. Of the 100apartments to be built, we sold around 60 and we're focusing onretail, office and services," Dascalu stated.
Dascalu is developing the biggest retail project outsideBucharest, Palas Iasi, set to also include a mall, several officebuildings, the first of which was delivered a week ago, two hotelsand a five-hectare park, all of which located behind Culture Palacein the centre of Iasi.
He has recently signed the contract for the rental of an over5,000 square metre space in the Palas project with Auchan Frenchhypermarket network and says he will have signed contracts foraround 60% of the retail area by the end of this year.
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