Klement Hills ProjectTrud Daily’s investigation revealed a possible property fraud with a holiday complex called Klement Hills.

The holiday development is situated on 76000 sq.m near the coastal resort Albena. It consist of 21 one-bedroom apartments, 124 units in linked villas and some 88 detached houses, as is written in dozens Bulgarian property agencies’ web sites. Klement Hills has traditional Bulgarian architecture and provides for the latest facilities. There is an infrastructure set up with shops, restaurants, coffee shops, fitness, spa and swiming pool.

Prices range from EUR 49 000 for a studio to EUR 125 000 for a 151 sq m single family house. The payment plan provides for an initial instalment of EUR 5000 for reservation of the property and 30 per cent deposit; then payment installments for every stage of completion. Klement Hills is supposed to be finished by the end of 2007.

But nine months before the project’s completion, the site where Klement Hills had to be is empty, Trud Daily reports.
The terrain is not fenced off, there are no construction workers or security guards, no sign board with the name of investors, project managers, construction surveillance company and date of completion. Practically a project called Klement Hills does not exist.

Trud Daily investigation revealed the plot was bought in 2005 by Monty Ltd, managed by the Spanish Migel Montaner Allomar. The land is agriculural and its status hasn’t been changed according to Trud Daily research. The project has no issued construction visa or construction permit. But trustworthy real estate agencies like Knight Internatational continue to offer Klement Hills apartments and houses on the market. There are even deals signed.

Investors told Trud Daily they had stopped construction temporary because parts of the development ompinge on lands proposed for inclusion in Natura 2000 sites. Aksakovo municipality told the newspaper the land where the project is set to be is not a part of Natura 2000 network.

Trud Daily