Echo Investment construction company believes lots will get cheaper

01-12-2008, 20:50

The company has several millions zloty to  buy lots. For the time being, it delays homebuilding projects.

Homebuilding companies are revising their strategies due to the crisis. So is Echo Investment.

“Administration procedures in our foreign projects in Budapest and Brasov are going on as planned. But whether we start them or not will be decided when we receive permission”, piotr Gromniak, Echo CEO said.

The company will delay its homebuilding projects for the time being.

“We will analyze sales potential. It may turn out that some homebuilding projects will have to wait”, Piotr Gromniak added.

Besides, the company wants to focus on commercial buildings.

“We have several millions zloty to spend. We already see prices are falling down but we are waiting for even lower prices”, Piotr Gromniak added.

Although prices are several times lower than six months ago, many tenders to sell lots are not concluded because there are no offers. Echo is also interested in joint venture projects in Poland.

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