The local subsidiary of German Heberger group, the builder of Bucharest Business Park office building and Rezidenz housing complex in northern Bucharest, estimates a 60 percent drop in turnover, compared to the €67 million posted in 2008, due to the construction market deadlock.

This year will be very difficult for all construction companies and the crisis will impact on us too, although I am optimistic and I expect things to improve as of this fall," Heberger General Manager, Claus Kegel, told Business Standard.

"We target business worth €40 million, of which €22 million will be cashed in for works done in the first part of 2009," he added. The turnover estimates are based on contracts to be signed this year.

In 2009, Heberger signed two deals worth €10 million for two industrial projects, one in the green energy field, located in the County of Sibiu, and one in the food and drinks industry, near Bucharest. "As the residential and office markets are frozen for the moment, we are interested in any project on other segments, we will participate in tenders for industrial works and water filtering stations. We are also considering the tender to modernize the Universitatea Cluj soccer club stadium," Kegel said.