The project was initially put up for sale on May 9 at a price of EUR53.4 million.
Silver Mountain is the largest residential project developed by firm INR Managament, which entered insolvency early this year for debts of about RON380 million (about EUR85 million) to lender BCR. Thus, if the project is sold at this price, the bank’s loss will exceed EUR40 million.
Silver Mountain, which currently comprises 171 unsold apartments, commercial spaces, restaurant, club, spa&fitness and a 20-hectare plot of land, was evaluated at approximately EUR50 million, according to Jones Lang LaSalle consultants.
Early this year, the judicial administrator said the project’s price will not decrease below the evaluation.