CONSTRUCTION WORK AT PLANORAMA COULD RESUME SOON Buyers willing to keep their contracts and to waive delay penalties

The end of last week brought with it tense negotiations between buyers of homes in the Planorama complex and the officials of developer Euro Habitat. The company urged its customers to waive the delay penalties and to keep their contracts in order to allow Piraeus Bank to refinance the project, thus allowing the developer to complete the first two blocks of the complex sometime over the course of next year.

Many buyers agreed to this solution, as it was the only way to see their homes completed, said Florin Vasile, the leader of a group of more than 100 customers of the developer. He said: "I attended the negotiation of the appendix that Euro Habitat wants us to sign together with a group of lawyers. Since there is no way to get our money back, we have decided to accept the solution proposed by Euro Habitat, since it is the only way to actually see our homes completed, provided of course the funding will be unlocked and the developers honor the new deadline".

Mr. Vasile said that he has successfully renegotiated certain provisions of the addendum. Buyers agree to forego delay penalties, provided the new deadlines are strictly met. Failure to do so will cause the application of new penalties on top of the old ones, as the homes were supposed to be completed in 2007.

When asked whether the buyers were willing to accept these terms without having any guarantee that Euro Habitat would keep their promises, Florin Vasile said: "Of course opinions are split. Most of them will sign because it is obvious that it is the only way to receive their homes. This is what Piraeus Bank decided, and I have seen the documents that prove it. Of course, there are still undecided buyers, who want to cancel their contracts and get their money back. But, on a general level, most of them will go along with EuroHabitat"s proposal".

Daniel Stătescu, another buyer who paid for an apartment in Planorama"s first block thinks customers will sign the addendum to the contract: "I"m certain people will sign the addendums. However all of them want to have a fresh start and to leave the lies behind. First of all the former owner of the project BSR and the company that currently manages the project need credibility. Almost all of the customers have given up on being penalties their penalties. It is obvious they will never get them".

Buyers claim that Euro Habitat has accepted their revised terms in the addendum and hope that the first two blocks will be completed next year.