The developers of My Dream real estate project of Pipera have managed to sell just 43 apartments in three years, with this as the main reason why the firm handling the project, Plus Development, became insolvent after piling up debts of 17m euros. The firm went insolvent half a year ago, but it is as late as now that the figures behind one of the biggest insolvency cases involving a housing project of Bucharest are emerging: 131 of the 174 apartments of the project have not been sold and debts amount to around 17m euros. The company's main lender is Bank of Cyprus, the financer of the project, and the company's court-appointed administrator has been recently changed, with BDO Business Restructuring replacing Management Reorganizare, Lichidare Bucure[ti firm. To cover sums owed to banks and suppliers, My Dream developers should sell available apartment at average prices of around 120,000 euros, during a period when deals with expensive apartments are very rare, the more so as they would be subject to a 24% VAT.

The developers of My Dream real estate project of Pipera have managed to sell just 43 apartments in three years, with this as the main reason why the firm handling the project, Plus Development, became insolvent after piling up debts of 17m euros. The firm went insolvent half a year ago, but it is as late as now that the figures behind one of the biggest insolvency cases involving a housing project of Bucharest are emerging: 131 of the 174 apartments of the project have not been sold and debts amount to around 17m euros. The company's main lender is Bank of Cyprus, the financer of the project, and the company's court-appointed administrator has been recently changed, with BDO Business Restructuring replacing Management Reorganizare, Lichidare Bucure[ti firm. To cover sums owed to banks and suppliers, My Dream developers should sell available apartment