Sun, Nov 08 2009
ING Real Estate Development (ING RED), the real estate branch of the ING group, was planning to start a large-scale real estate project in the centre of Bucharest, Investor.bg said.
The new project was said to be similar to the Zlote Tarasy project in Warsaw and to include office spaces and a mall, Romanian daily Ziarul Financiar said.
"We found an appropriate plot in Bucharest on which we can build. The situation is quite complicated, however, as it involves several owners, but we intend to pursue this project," ING RED managing director in Romania, Siep Hoeksma, was quoted as saying.
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Office rent transactions peaked at 65 000 sq m between July and September 2008, but collapsed to 10 700 sq m in Q3 2009, Forton manager Sergei Koinov said.
Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro.
About 30 000 to 35 000 people employed in the construction sector were facing redundancies in 2010, Bulgaria's Regional Development Minister Rossen Plevneliev said on October 26.
Average market prices of housing in Bulgaria dropped five per cent in July-September, measured quarter-on-quarter, the National Statistical Institute said on October 23 2009.
The European Investment Bank (EIB) has released a 43.5 million euro loan to Sofia Municipality, for infrastructure projects worth 88.1 million euro in total