Businessman George Padure, former mayor of Sector 1, Bucharest in 1996-2000, said he had not aborted construction works for Sigma Residence & Gardens, but it only pulled engines backwards, as the projects can afford a 3-4 months delay.
Located near Plumbuita Lake in Bucharest, Sigma Residence & Gardens has been delivered in May and encloses 1,500 apartments, over 20,000 sqm shopping area and 14,000 sqm green space and gardens.
“We haven’t frozen this project, the construction works will carry on. We have only ‘pulled engines backwards’, because the delivery date of the first construction phase was the end of 2009, and I can afford a delay until April 2010. “, said George Padure (photo), administrator of SC Sigma Proiect Development SRL.
Padure added that Metropolis Residence, located in north-west side of Bucharest, near Chibrit Square, was delivered this year’s fall, but a 3-4 months delay for Sigma Residence & Gardens will not be something unusual in the real estate market.
The overall value of Sigma Residence & Gardens project was estimated at nearly 225 million euros in May, the project being delivered in three phases.
Translated by Camelia Oancea
Article comments "George Padure: We haven’t frozen the project, we’ve only slowed down pace"
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