Pelican Com: the crisis will surely last until H2 2009

Pelican Com, developer of Atlantis Residence, said it had relinquished its plans to buy a land plot in Pipera area where it intended to build 450 apartments, whereas the developer will keep its plans to develop this project, following to draft a strategy in the second half of 2009, when the impacts of the crisis on the local market will be more visible.

“The crisis will surely last until the second half of 2009. We think that one of the effects of the crisis will be the decline of the prices for old apartments, a slight decline for new apartments and growth in rents”, Eren Colakoglu, technical manager at Pelican Com told Wall-Street.

In September this year, Pelican Com said it had negotiated the acquisition of two-hectare land in Pipera where the company had planned to invest 40 million euros in a 450-apartments compound, but the deal failed in the end.

“The plan to develop this project is still standing, in the current economic climate. We will draw the strategy for this project in the second half next year, when the economic climate and implications of the crisis in the local market will be more visible”, Eren Colakoglu added.

Pelican Com’s Atlantis Residence is currently under construction. The compound is located in Pantelimon area on 6,515 sqm land surface, and encloses four 11-story blocks. Colakoglu said the delivery deadline would not be put off, the first apartments following to be delivered by the end of April 2009.

“We will try to focus on designing and constructing lower-sized apartments with lesser rooms, in order to line up prices to the current demand. We added two-room apartments and studios in Atlantis Residence”, said Eren Colakoglu.

The potential clients of the projects have been affected by the tougher lending conditions which has weakened the sales volume, very often encountered amongst real estate developers in the domestic market, Pelican Com’s managing director added.


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