The Australian Real Estate developer South Pacific has placed its residential project Darwin Residence I, located outside Bucharest, into insolvency. The original intention was to build 372 houses on roughly 2.8 ha of land, but no progress had been made in construction. It’s just the latest case in a string of insolvencies for the developer, which bought dozens of hectares of land during the boom years in the Tunari district near Bucharest for residential projects. South Pacific managed to complete its Sydney Residence project, which saw the construction of 102 villas, 40 of the units are up for sale, while some of the unsold ones have been put up for rent. However, the second project it started, Australian Melbourne Residence, has gone into insolvency after some of the partners who participated in investment left the company, claiming damages. Subsequently, the developer placed another project in insolvency, called the Adelaid Residence, which was 30 percent completed.
