Tuesday, March 20th, 2007
A phantom project named Klement Hills is still on sale in Bulgaria
Trud 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
2 Responses to “A phantom project named Klement Hills is still on sale in Bulgaria”
Please leave a Comment
You must be logged in to post a comment.
August 23rd, 2007 at 1:04 am
Goldberg Global said:
I think this post could be very misleading and mis information. I met with the owner Miguel on 2 occasions this week.
The situation according to the owner is that the final building licence has not been approved and that is why it is not for sale.
To say the resort development is a fraud is libelous because this is not what it is, and creates bad press without necessarily fact. The licence has been asked for 18 months now, and has been promised on a number of occasions.
The payment schedules are incorrect on your posting. As a background Mr Montaner has been in land development for over 20 years, with lawyers in Bulgaria that are on the anti corruption team in Varna. All the transactions when the licence will be granted will all be clean. ie. No black money.
Personally having meet the owner on 2 occasions, he is a pleasant man with zero thoughts of one doing anything illegal.
February 7th, 2008 at 7:42 pm
rhubarbs said:
I along with 20+ people are currently fighting a law suit against Miguel Montaner in his home town in Costa Blanca Spain.
Watch this space!!
This man is a FRAUDSTER he has stolen our money which is in excess of 1.5 million euros using the same horrible scam.