Bogdan Jigman, general manager of GTC Romania, said it is difficult currently to estimate the total value of investments to be carried out by the company in the next 18 months in order to adapt to the new context of office space, for both projects completed and buildings under development. Jigman also said construction costs may decrease, depending on the evolution of the labor market and raw material prices.
The company expects delays in the delivery deadlines for office buildings under development because the demand for office space will see changes in the coming period and real estate developers will be investing more to implement the legislative provisions and to ensure the additional hygiene standards.
GTC Romania currently owns and manages the following office projects: The City Gate towers, Cascade Office Building, Premium Plaza and Premium Point. The company is currently involved in the construction of a new office compound, the City Rose Park, located on Expozitiei Boulevard.
GTC is one of the biggest office space owners in Bucharest, holding office buildings in the Victory Square area and the City Gate compound in Piata Presei Libere (the Free Press Square).
Globally, GTC Group is involved in the construction of buildings in Budapest, Belgrade, Sofia and Zagreb. On a group level, the company’s net profit reached EUR75 million end- 2019. Per preliminary estimations, the first half of 2020 is stable in terms of the main financial indicators.