According to representatives of ECDC investment fund, holder of a 50% stake in Asmita Gardens, a residential complex with over 750 apartments under construction in Bucharest, sales were going well up until last summer, after which the project was affected by the market situation, with sales declining. "The completion of the project was delayed, with the first stage expected to be inaugurated in the first half of 2009, and the second stage scheduled for the second half of the year. Over 50% of the apartments have been pre-contracted. The sales level was according to expectations until June, after which a market decline occurred, hurting all residential projects in Bucharest," say representatives of the London Stock Exchange-listed fund controlled by Charlemagne Capital. The British company, which partnered for this project with India-based Asmita, believes it will not have any major difficulties in signing the final sales contracts, because the company has focused on attracting end users, not speculative investors, which could have trouble securing funding for some of the apartments.
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