ZF English

Indians at Asmita build flats with Greek money

18.05.2006, 00:00 8

The Indian real estate developer Asmita will complete the first stage of the Asmita Gardens residential project, which includes 320 flats, in September of 2008, according to company officials. Funding for the first stage of the Asmita Gardens residential project will be granted by Alpha Bank Romania, subsidiary of the Greek bank Alpha Bank. The project, located in the Splaiul Unirii-Calea Vacaresti area, will comprise seven buildings with 18-24 storeys and a total of 788 flats, with the total value standing at 100 million euros. The flats will cover a surface area ranging from 67 square metres to 220 square metres, and their price will vary from 51,000 euros to 200,000 euros. The second stage of the project will be completed by May 2009 and will comprise of four blocks of flats. The builder of the project is to be selected in a tender, from a list of five or six international companies, among which Bouygues (France), Strabag (Germany), Summa (Turkey) or Ozer (Turkey). "We want to collaborate with strong foreign builders which have accumulated experience on the Romanian market," James Anthony, manager of Asmita told ZF. ZF

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