Sparkassen changes Sun Plaza project, delays opening until next year

“The delay is due to the restructuring of the old project, as the initial completion time was too optimistic. Works are advancing and we've pre-contracted 84 percent of the rentable spaces,” said Friedrich Wachernig, member of the Sparkassen board. The new project will include an office building with a total area of 10,000 sqm atop the mall, taking the former EUR 185 million investment plan to EUR 200 million, financed wholly by Sparkassen Immobilien.
“Southern Bucharest is the only area where construction projects can still be developed. Five residential compounds and several office buildings will be built in the area. We follow the market so we are also developing an office building of 10,000 sqm in built area,” said Michael Richard, general director at EMCT Romania, developer of Sun Plaza, last year.
Due to the new market conditions, Sparkassen does not expect to start a new project in 2009 but has secured EUR 600 million for developments in Eastern Europe by 2010, according to Wachernig. “We are interested in new acquisitions but involving projects with already stable tenants, because these offer long term profits. Local firms wanted to sell us offices and retail spaces but we are still waiting and looking for opportunities on the market,” said Wachernig.
On completion, the project will deliver 78,000 sqm of rentable spaces, with main anchors like Cora, BauMax, Mobexpert and Cinema City. April saw a similar delay, which developer EMCT, said was due to the difficulty in finding construction workers.
Magda Purice