Most Expensive Housing Project: No Website, No Sales Team And 400 Empty Apartments

05.11.2011 ZF English

Bucharest's Asmita Gardens, the housing project entailing the largest private investment, around EUR120 million for building seven blocks with almost 800 apartments, has been struggling in the past two months after the sales team decided to leave.

Meanwhile, the project presentation website, too, has become unavailable and a potential client can hardly find anybody to talk to should he or she want to buy an apartment directly from the developers.

"At this moment, the first phase (three blocks i.e.) is 90% sold and filled, so that there are just 20-30 unsold apartments left. We are trying to reset the project, inclusively the sales team, which we want to outsource in the following period, to have a two-year collaboration. We're trying to restructure the website as well, to convey a fresh look, after the project has gone through a bleak period.

No apartment has been sold in two months," says Mihai Diaconescu, the only domestic representative of ECDC fund, listed on the London Stock Exchange, which owns 50% in the project.