The biggest auction involving a set of insolvent new apartments will be organised next week, when the court-appointed administrator BDO and Bank of Cyprus will put up for sale 129 apartments of the My Dream development in Pipera, as well as 98 storage units, 210 parking spots, retail space and a 500 square-metre pool.
The project was developed by Plus Development, controlled by Turkish businessmen who erected three buildings totalling 174 apartments, of which they only sold 40, for which reason they went insolvent with 17 million euros debts, most of which to Bank of Cyprus (14 million euros).
"The bank was in talks with a potential investor and there is a buyer of the specification document," Geanina Oancea, BDO Partner told ZF. The specification document price stands at 500 lei plus VAT.
The bank is thus trying to get a price of almost 120,000 euros plus VAT per apartment, which money also includes a storage unit and a parking spot, with the average total surface area per home standing at about 170 square metres. Developers were asking 250,000 euros for these apartments back in mid 2008.
The biggest auction involving a set of insolvent new apartments will be organised next week, when the court-appointed administrator BDO and Bank of Cyprus will put up for sale 129 apartments of the My Dream development in Pipera, as well as 98 storage units, 210 parking spots, retail space and a 500 square-metre pool.
The project was developed by Plus Development, controlled by Turkish businessmen who erected three buildings totalling 174 apartments, of which they only sold 40, for which reason they went insolvent with 17 million euros debts, most of which to Bank of Cyprus (14 million euros).
"The bank was in talks with a potential investor and there is a buyer of the specification document," Geanina Oancea, BDO Partner told ZF. The specifi