Work on Planorama project resumes with new financing agreement

Developer Euro Habitat has signed an addendum which provides the financing required to resume work on the Planorama Project.

According to the project plan, the sum from the bank will be disbursed over several months, during which period the investor will cofinance the project from its own sources.

The residential project Planorama, located in Colentina, is headed for the completion of the first tower and the delivery of apartments to the buyers.

The project consists of four buildings, the first two being in advanced stages of construction. The first tower, T3, has already been connected to the electrical supply and contracts were signed with several subcontractors for finishing the works and delivery of the apartments.

A tender for electing the contractor for the completion of the second tower, T4, is underway. The delivery of apartments in T3 is scheduled to begin at the end of May

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and to be completed by the end of July.

At the end of 2009, BSR was elected and approved as the new project manager of the Planorama project, with the mission to identify the procedure for the investor to finish the project. The solution included a cooperation between the investor, the financing bank and the customers, by waiving the penalties and the buyers accepting the new delivery terms.