The total debts at Asmita Gardens amount to €110m, while the sale value of the remaining apartments in the complex comes to just €45m says Remus Borza, managing partner Euro Insol, trustee of the project. Unfortunately for its creditors, none but Alpha Bank will recover any of what it currently due them, he says.
However, Periklis Voulgaris, vice president of Alpha Bank, expects to recover the entire €70m it is owed, putting his faith on a return of the market and higher apartment prices. Voulgaris hopes to sell all the apartments over the next three years at a pace of five per month.
