Romania's Impact Developer & Contractor Sees Major Housing Project Delayed on Low Demand – Media

“We are putting on the table everything that we have and we are waiting for any partners to come and choose but they just don’t come,” Ziarul Financiar daily quoted the CEO and the largest single shareholder of Impact Developer & Contractor, Ioan Popp, as saying.

The speed of developing the project depends on the absorption capacity of the market, the daily added.

The Lomb project is a joint venture between Impact Developer & Contractor and the municipality of Cluj Napoca, a city in northwestern Romania. It is designed to feature some 6,000 residential units. The real estate developer won the tender for developing the project in October 2006.

”As Lomb project is a longer term project and clearly the company is currently focusing on its projects located in Bucharest, we consider the news as neutral and we do not expect a significant effect on Impact’s stock price,” Raiffeisen Capital & Investment said in a note to investors.

The shares of the real estate developer traded unchanged at 0.57 lei ($0.20/0.13 euro) by 1122 GMT on Friday on the Bucharest Stock Exchange.

Impact Developer & Contractor, set up in 1991, is one of Romania's leading private real estate developers.

($ = 0.6751 euro)