Bad news and setbacks behind the glamorous front end of Planorama
The beginning of this month witnessed a slight setback in the construction of the Planorama project in Colentina, Bucharest. As announced in an earlier post, Planorama has already received its share of good press http://www.romanianpropertynews.co.uk/2007/02/17/planorama-the-latest-development-in-the-colentina-area-bucharest/ due to one of the blocks being bought entirely by a group of investors in the very early stages of construction.
Now however it’s time for some bad news. EuroHabitat, the developer behind the project, announced that it had to change the construction company for the project.
According to an online article from Ziua Financiara, it appears that Yapitek is currently in liquidation; in spite of contracts totalling over 40M €, the company also owes over 7M € to creditors. In order to continue the construction at the same pace, Planorama Group (the ad-hoc consortium established for the development) already named a new construction company – Danya Cebus – to finish the project. This is not 100% news anyway, as the bankruptcy of Yapitek surfaced in a news website as early as May this year. While the new company is likely to recover some of the delays on the long term, do expect a slight postponement of the delivery date for Planorama.
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Posted: October 22nd, 2007 under Apartments, Property Development.
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