Large residential project in Bucharest goes insolvent

A company that was planning to build 1,200 housing units within the Casablanca Residence in the Titan area of Bucharest went insolvent by bank request, according to Mediafax. Ram West Investiţii, controlled by Israeli investors, became insolvent at the request of Alpha Bank, which gave the loan to build the real estate project. The project, estimated at some EUR 140 million, should have included seven blocks of flats of 18 floors each. In a first phase, 360 apartments should have been built. The investment was announced in 2008 but the project stayed in the initial development stages. editor@romania-insider.com