Trouble for the seven-tower complex with almost 800 apartments started this spring, when sales were frozen and investors stopped repaying their loans to the bank.
Asmita Gardens was designed for Romanian and foreign executives, with open kitchens and large floor space, the type of homes for which finding buyers has been harder over the last few years.
The EUR120 million project includes apartments whose asking prices ranged from EUR100,000 to EUR1,000,000, yet four of its towers remain dark, as a result of another investor conflict, this time with Austrian-held Strabag, the builder of the project.
The first court date for the insolvency case was set for February 2012. Alpha Bank and Asmita Gardens had not provided any comment by the time the story was ready for posting.
(English version by Loredana Fratila-Cristescu)