One United Properties has stopped the sale of an office project and the new plans are to convert it into apartments. “We had a memorandum for the sale of the building which we initially extended by six months, then we decided not to extend it, because according to our calculations, it is more profitable to convert the larger building into apartments to sell them” , said Victor Căpitanu, co-founder and co-executive director of One United Properties. The other office building in the North Gate project is almost fully leased.
Regarding the One Modrogan project, Victor Căpitanu mentioned that no buyer asked for their money back on the homes they bought, after the company stopped work on the One Modrogan site in July of this year, due to the suspension of the PUZ and of the authorization by the Bucharest Court of Appeal.
“One Modrogan was built in compliance with the legislation, we worked in record time, six years, to obtain the permits and they are all according to the law. We discussed it in the board and decided not to make any provision, so we don’t expect any financial impact. Customers like the location, they want to keep what they bought, and even if some change their mind, this will be more profitable for One United because the apartments were bought at lower prices than the current market prices. But, they all decided to keep their apartments, and some of them studied the construction permit, our process, and decided to keep them”, added Victor Căpitanu.
Source: Economica.net
