Tiriac Imobiliare, part of Tiriac Holding Group held by Ion Tiriac, has put on hold 1bln-euro real estate project in Otopeni area, for which the construction works were planned to start next year.
“Except for Residenz and Stejarii, all the projects in the pipeline have been put on hold following poor market conditions triggered by the financial crisis. We expect to see the further market performance. Only those who can see through a crystal ball may know when the projects will pick up”, said Bjarne Virenfeldt, Tiriac Imobiliare’s CEO.

As for Residenz project, constructed in a joint venture with German-based LBBW Immobilien, Virenfeldt said it would be complete as soon as possible. The project will most likely be finished in 2010. The first two stages in the premium residential compound Stejarii could be completed this year and 2010 respectively.

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