In this new light, developers such as Sonae Sierra, one of the major players on the Portuguese market, and Energoconstructia, one of Romania’s largest construction companies, have abandoned local Real estate projects..
“We decided to abandon the project which we intended to build on land we own in the Berceni area, because the real estate market is confusing at the moment, and fluctuations are significant on this market. We are already negotiating with an investor to sell a piece of land of some seven hectares in the Progres area, and are asking €500 per square meter, without VAT,” according to a statement for Business Standard by Constantin Tabacaru, the company’s Technical Manager. The company stands to make some €35 million from this transaction. At the beginning of this year, representatives of Energoconstructia had announced they would begin construction of 15 four to eleven-floor buildings, with some 3,000 apartments, on a piece of land of 67,000 square meters, in an investment worth some €100 mln. This has now been cancelled.
