Polnord calms down that despite financial crisis, it has no problems with financing.
“We have positive cash flow and access to PLN 100m (EUR 27.5m). We have deals with banks for so called ‘safe building’. The project credited by the bank will be finished even if sales slow down because we may finance it ourselves”, Wojciech Ciurzynski, Polnord CEO said.
Next stages of each project will be launched when 60-70 percent of existing flats are sold.
According to Wojciech Ciurzynski, the crisis won’t last long.
“However the slowdown in the homebuilding market will last till the middle or till the end of next year”, Polnord CEO added.
He believes that it’s a good idea to buy lots now because prices are falling.
“We are buying lots in Lublin, Szczecin and Gdynia. We are negotiating to buy one in Katowice”, Wojciech Ciurzynski said.
(PLN 1 = EUR 0.275)