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Aleksandar takes over Park City

19. August 2010.

Novi Sad-based company Aleksandar Nekretnine, a member of Aleksandar Group, is going to finish construction of business-residential facility Park City in Novi Sad prior to November 2010 - said the Group's owner and director Vojislav Gajic.

Gajic said to the press after the meeting with collaborators and contractors that the current debt to them amounted to about 5 million euros and that each of them would be paid very soon if all contractual obligations were completely fulfilled.

The investment value of that residential-business complex is about 90 million euros and, according to the initial plans, the whole building was supposed to be completed by the end of 2009.

Park City is one of the largest building investments in Vojvodina with about 60,000 square meters of residential and office space. Raiffeisen Bank in Serbia announced last week that, as a financial partner of the Park City project, it had agreed with Aleksandar Nekretnine to take over Dutch company Vondel Capital, the initial investor that is now in debts, "which guarantees completion of aforementioned project in as short time as possible".

Gajic said that the total debt taken over by Aleksandar Group amounted to about 34 million euros and added that he would try to avoid losses upon the completion of the project.

- This project is conceived very well and high-quality equipment is built in the facility, but office and residential space was sold at very low price. We will wait for the most favorable moment to sell remaining residential space at realistic market prices - he said.

He also added that the aim of Aleksandar Group was to enable the owners of apartments and office space to move in as soon as possible, that the collaborators be quickly paid, as well as that potential buyers feel safe to buy remaining apartments.

In addition to office and business space, Park City comprises 280 apartments and luxury suites, as well as an underground garage with about 400 parking places.

Source: eKapija