"We had foreign shareholders that had realized there is no chance in recover the investment. We succeeded in a year to sell and rent 80 apartments. Following this selling, renting and promotions strategy we estimate that the amount to be recovered will be EUR 1.2 million. Our exposure is EUR 22 million", has declared Mircea Cotiga, recovery and bank frauds prevention director within UniCredit Tiriac Bank, cited by Mediafax.

The complex, completed in 2010, after EUR 50 million investment by Alia Inmobiliaria, is classified in the lux category eand includes 124 apartments, from which 40 were sold at the date of the insolvency.

"There are 20 apartments to be sold. The average selling price is EUR 2,000/sqm, thereby the cheapest apartment is EUR 100,000, and the most expensive, already sold, is EUR 1 million, a duplex at the top floor", added Cotiga.

At the completion of the construction, the apartments in the complex were sold with EUR 3,500-4,000/sqm.

Among the buyers, the central bank governor, Mugur Isarescu, bought an apartment last year, with a 700,000 loan from the financing bank.

Reffering to the residential market, Cotiga said that it is no need to equal the residential projects to a disaster.

"There is request for residential, and the quality projects, in good locations, are still selling", has said Cotiga. (source: wall-street.ro)