After insolvency and litigation with construction company, Asmita re-starts apartment sale

The high-rise apartment tower complex Asmita Gardens in Bucharest, with over 700 apartments, half of which are yet unsold, recently became fully functional, after dealing with insolvency and back and forth construction litigation. This comes two years after construction work ended. The construction company Strabag, which built the project, hadn't finished tests on utilities for four of the seven high-rise blocks, asking to recover guarantees of good execution worth EUR 6 million, which in turn led to the project becoming mired in litigation. According to the judiciary administrator of the project, Euro Insol, all litigation has ended and the compound has reopened sales. Of the total 758 apartments, 350 are still available. Prices start at EUR 52,000 for a studio and go to EUR 200,000 for four-roomed units. Seven penthouses are also on sale at EUR 350,000. The real estate project, developed by Indian Asmita and investment fund Charlemagne Capital became insolvent last year on a EUR 70 million debt to Alpha Bank. The project required investments of EUR 130 million. The Asmita Gardens project is located near the Dambovita river, in the south-eastern part of capital Bucharest. editor@romania-insider.com (photo source: Asmita Gardens)