Romanian group TeraPlast suspends residential project amid prohibitive cost of inputs
Construction materials manufacturer TeraPlast (BVB: TRP) put on ice plans to develop a residential project on the site of a relocated factory in the central part of Bistrița city.
The company ironically cited the increase in the prices of construction materials, combined with the accelerated evolution of energy costs and fuels, Profit.ro reported.
TeraPlast had already reached an agreement with Alfa Construct Partners on the project. The two parties suspended the agreement on the real estate project.
TeraPlast says that it does not abandon the idea of such an investment but postpones it for the time being. At the same time, the company says it remains open to selling the land - along with the project that has all the building permits.
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