The project, designed by Dorin Stefan, is valued at RON 5.52m. The scheme includes 21 apartments and two commercial spaces. The developer, Eurosmart Investment, finished 70 percent of the project before filing for insolvency in October 2012.
Alpha Bank Romania, the project’s biggest creditor, is hoping to recover €11m. The new investor would be responsible for completing the project and selling the units, according to a progress report published in the Bulletin of Insolvency Proceedings. (source: cijjournal.com)