Liquidation Price For My Dream: EUR130,000/Apartment

05.04.2011 ZF English

Residential complex My Dream Residence in Pipera (northern Bucharest), developed by Turkish-held Plus Development, has been sold at an auction for EUR16.7 million, which amounts to an average price of around EUR130,000 per apartment.

An investor whose name has so far remained unknown bid up to this price to acquire a stock of properties that includes the 129 apartments, with an overall surface of 22,297 square metres (173 square metres/apartment on average), 98 storage units, 210 parking spaces, retail spaces and a pool.

There were three bidders at the auction organised by court-appointed administrator BDO Business Restructuring, part of the international BDO chain, yesterday, and the starting price was 15.3 million euros.

"The assets of Plus Development were sold for EUR16,740,000, VAT included," said Geanina Oancea, BDO partner.