“I believe that no matter the cycle in which the industry is at any point, the area, the infrastructure and the design of every development are the key success factors” – Didier Balcaen, Co-Founder and Partner, Speedwell.
Even from the beginning of this pandemic situation, SPEEDWELL has implemented the necessary measures to protect the health of the employees, clients and suppliers. Starting from the 3rd week of March all our staff has been in a “work from home” system, keeping up with the schedule of all our projects, with the available means. Fortunately, the construction sites have not been influenced by the restrictions, so we have been able respect our deadlines, without neglecting the protective conditions imposed by the authorities. I believe the main lesson learned is that we can be efficient in any condition as long as we follow the objectives and respect the plan, with the help of the IT technology available nowadays.
What is the status of your current project(s) and investments planned for 2020-2021?
We are preparing the delivery of the Record Park mixed use project in Cluj-Napoca and Triama Residence (Phase I) for this year and also started two new developments in Bucharest – The Ivy residential project and MIRO office project in Baneasa – which will be delivered at end of 2021. Also, our new mixed use project in Timisoara, Paltim, is in an early stage of development, still working on the concept design and permitting.
Which are the advantages of your business and products, going forward? What are your expectations from the public sector, state projects to support future business?
I believe that no matter the cycle in which the industry is at any point, the area, the infrastructure and the design of every development are the key success factors, and we are happy with the choices made until now for all the above projects. We have included various facilities in each development, in order to offer most of the necessary services to any client close to his home or his office. The quality of the construction process is also important, but for that we have already a lot of experience gathered.
Regulations needs to be set in place to fuel the economy also during crises. First of all by not applying general measures, which cost a lot but don’t help, apart from getting political gain and create a legal framework that is prepared to financially support those that really need it, which isn’t everyone. In addition, the government and the EU take measures to support banks and provide them with cheap money, but then the banks themselves pull the break to avoid risk, fueling the downward spiral. When central banks provide cheap cash, banks should be obliged to make it available immediately (all DD considered).
What transformations you expect in your sector?
Market specifically, we will see “pandemic” clauses appear in contracts and some items like WFH and digitalization, which were already there, have received a push towards the non-believers, so this trend will continue. The market reports don’t show any important changes in the price trends, this being correlated with the fact that the costs haven’t change for the developers in terms of construction materials and cost of labor.
What is your message to clients and partners?
We believe a lot in the Romanian market, and as we all know, the real estate industry has its ups and downs, but better times will come and we all need to carefully monitor our businesses and personal lives until we will get through these strange times. For our clients, rest assured we will deliver our projects in the timings established at the quality promised.
An article published in the exclusive supplement – “Market pulse report, Romania – The new normal” | June 2020
A property market tour, including major cities, with projects status and updated opportunities at the end of the lockdown in Romania – June 2020. | Essential news with the current status of further investments, clients and partners relations, new priorities for the post crisis cycle. | B2B communication report – to help you mark your statements during the changes period.
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