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Real estate: 113 apartments sold in Asmita residential complex during two years of judicial administration
Euro Insol, in its capacity of judicial administrator of Asmita Gardens the most expensive residential complex in Romania with a total investment of 120 million Euros, has succeeded to sell 113 apartments during 2 years administration, the press release sent to ACTMedia by the company informs. The total value is about 10.2 million euros for the sold units, amount which has led to diminishAsmita’s debts towards the major creditor Alpha Bank by more than 20%.
60% of those 113 buyers chose to pay in full the apartments, 23% acquired the apartments in installments from the property developer and 17% applied for bank credits, most of them going for the promotion launched by Alpha Bank.
“For the following period, we aim to speed up the sales and in this respect, we count on the credit option which has been advantageously negotiated with the financing bank, namely 4.13%, the lowest interest at this moment on the banking market. Thus, since November 2013, we will be able to sell 2 room apartments of 87 sq. for a 236 Euro installment per month, much lower than the rent one could pay for a similar apartment”, said Andreea Comsa, Sales Manager of the project.
During 2008 -2010, the average sale price of an apartment in Asmita Gardens Complex was 1.600 euro per sq. After the insolvency proceeding against Asmita Gardens has been opened in 07.11.2011, the apartments have been sold at an average price starting from 1.000 euro per sq. But since the construction started in 2007 and so far, about 55% out of the 765 apartments have been sold, nowadays the residential complex being populated by 1.000 person, 150 being chidren.
All 70 studio units (of 53sq.) have been sold so far, more than half of the 332 apartments of 2 room (A unit of 87sq. as well as B unit of 98 sq.), 40 % of the 296 apartments of 3 room (of 127sq.) and almost half of the 60 apartments of 4 room (170sq.)
Asmita Gardens is a unique project on the residential market; at 92 m (302 ft), it offers a great view over Bucharest. Moreover, the complex is next to Vacaresti Park , known as „Bucharest’s Delta” – a natural ecosystem, being identified over 90 species of rare birds living in this place – and which might become the first natural urban park in the country.
The residential complex has a total surface of 27.000 sq. of land and 6.200 sq of commercial locations, 9.000 sq. of gardens, playgrounds and green areas. Among the tenants, we can mention Club 168 Sport Station which offers all the gym facilities, Spa and swimming pool, „La doi pasi” supermarket, wellness and many other facilities giving an all-inclusive approch to the project.