Archive for April, 2007
Thursday, April 26th, 2007
Developer adds shopping mall to Tsarigradski compound
A 71 mln lev shopping mall will be added to the gated 
under construction in north-eastern Sofia. The company that will develop the mall project, Sofia Building Enterprise, Wednesday was granted a First Class Investor certificate by the local investment promotion authority.
Sofia Building Enterprise, a subsidiary of construction firm Sofia Building Company which is developing the Tsarigradski housing community, is specially incorporated for the purposes of the mall project. The new shopping center is sited in proximity to the outlets of German retailer Metro and Austrian DIY chain Praktiker and to the locations of planned Carrefour and Turk Mall commercial developments.
The Tsarigradski Mall development will have a footprint of 2.0 ha and a total built-up area of 105,000 sq m, including 35,000 sq m of lettable retail space. The office component of the mall will deliver 15,000 sq m of lettable premises. The construction of the mall, which will employ 1,200 staff after completion, should get underway in the fall and wrap in 2009.
Sofia Building Enterprise provides 30% of the project financing with the remainder coming from an unnamed bank. The mall site is part of the land initially designated for the development of the Tsarigradski residential compound. The tenants of the complex will move into their new homes this summer.
The second section of the complex will be delivered in 2008 with all three sections expected to be completed by 2009, providing housing to 4,000 tenants. There are unsold apartment units only in Tsarigradski III with prices starting from 55o euro/sq m. Sofia Building Company is currently scouting for sites for residential construction in Sofia and along the Black Sea coastline.
Wednesday, April 25th, 2007
FairPlay International to invest 80 mln euro in retail centers in 3 Bulgarian cities
FairPlay International (FPI), the Bulgarian construction and property development company, and Bulgarian Property Developments, a company listed on the London Stock Exchange, have earmarked 80 mln euro for the construction of shopping malls in Plovdiv, Pleven and Vidin, said FairPlay executive director Mario Zahariev. The project in Pleven has so far made the fastest progress. Construction on a 3.65 ha site should get underway this summer with delivery seen in 2008.
Work on the retail center in Plovdiv will begin by the end of 2007 while the Vidin project is scheduled for kick-off in early 2008, said Zahariev. On Tuesday, FPI and Bulgarian Property Developments were granted a First Class Investor certificate by the local investment promotion authority for their 50 mln euro project Logistics Park Varna.
Located in the Western Industrial Zone in Varna, on the Black Sea coast, Logistics Park Varna has a total build-up area of more than 80,000 sq m, including high-quality warehouse space, administrative offices, and wholesale outlets, according to the website of Colliers International, the exclusive real estate consultant for the property.
In addition to standard warehouse space, Logistics Park Varna will provide specialised premises, including temperature-controlled storage and optional cross-docking facilities. The project has readily available infrastructure including electricity, water, natural gas and telecommunications.
The project will be delivered in three stages, with the first phase, comprising 24,000 sq m of total build-up area, scheduled for completion by March 2008.
Monday, April 23rd, 2007
Bulgarian defence ministry to place 250 properties on the market
The Bulgarian defence ministry plans to execute swap and sale transactions involving 250 properties around the country in 2007. A total of 108 properties will be swapped for apartments to meet the ministry’s department housing needs. A decision is yet to be taken whether to sell or swap another 80 of the properties.
The list of properties slated for disposal includes the 55.9 ha airstrip in the village of Musachevo some 30 km from Sofia. The ministry is also offering 3 sites with a combined area of 156 ha near the Straklevo airport in the Ruse area and 175 ha in the vicinity of the former military air field in the village of Kondofrei, in the Radomir area.
Some 300 ha of arable land and properties in Sofia’s Bozhurishte residential district will be exchanged for housing units. The list of properties earmarked or sell/swap includes 1.13 ha of land in the village of Enemona, near coastal town Nesebar, and 5 ha in another coastal town, Pomorie.
The defence ministry will swap a 17.2 ha parcel in Razlog and three buildings in the Betolovoto, an area with 2 golf resorts and a number of holiday villages under development.
dnevnik.bg
Thursday, April 19th, 2007
Second big complex planned near ski resort Borovets in Bulgaria
Analogue of the big project “Super Borovets” is under development by the businessman Hristo Kovachky. It will be situated in Mala Tsurkva, Govedartsy and Maljovitsa villages. General construction plan of the area is now being prepared, and is about to be completed by the end of May. Joint company “” was created last year for the purpose of the new project. 50% of the shares are owned by Samokov municipal and the remaining shares belong to “El-El Impex”, whose sole owner is Hristo Kovachky.
The plan is to create 5 tourism centres, which will be able to service 8-10 thousand tourists, explained from “Nadar 2006”. The so-called resort-and-tourist location will comprise three zones, where 50-70 km of ski slopes will be constructed. After the plan is accepted, the total amount of the investment will also become clear. The investment will be times bigger than that for the project in “Boriko” location. 23 million BGN were planned for “Boriko” project.
The municipality owns 25% of the company which will develop the “Boriko” location. The municipality will preserve this share irrespective of the amount of the investment. The construction of a winter stadium, and a two-seats lift with capacity to transport 1000 visitors per hour. There will be 3 ski slopes for beginners as well as an artificial snow installation. The project will also bring about the improvement of the entire infrastructure.
Two ski slopes, named Sitnyakovo 5 and Sitnyakovo 6 will be constructed in the Martinovi baraki site. The slopes are due to become ready by the end of the year.
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Wednesday, April 18th, 2007
A third of Sunny Beach holiday homes on the Bulgarian property market
Some 1,000 vacation homes in Black Sea resorts Sunny Beach and St. Vlas have been listed for sale, shows data of local real estate brokerage portal imoti.net. A third of the apartments were bought at 600-800 euro/sq m three to four years ago and now the owners are trying to sell them at double the purchase price.
The holiday homes have been listed after the rent income they generated fell short of their owners’ expectations.
Most of the units are occupied for no more than 3 weeks and that amount of rent income is insufficient to cover year-round maintenance, let alone eke out a profit, commented imoti.net analysts.
The asking price of holiday homes in the two resorts starts from 450 euro/sq m and tops out at 2,500 euro/sq m with the average price at 900 euro/sq m.
Oversupply has developers struggling to move properties still under construction at sale prices above 1,000-1,200 euro/sq m, forcing them to throw in incentives like furnishings.
Only fully-furnished seaview properties command sale prices of over 1,600 euro/sq m.
Tuesday, April 17th, 2007
Varna’s first shopping mall to open in June
The first of four retail and entertainment centers currently under construction in Bulgarian coastal city Varna will open for business in June, said Dorelov, the local company developing the property.
The 9 mln euro , located near Varna’s landmark Culture and Sports Palace, will feature 50 shops, 15 office units and 135 indoor and outdoor parking spaces.
Central Plaza, with a built-up area of 11,200 sq m, will have its own monthly advertising publication and will be managed by a specially incorporated company.
Liber Property Solutions has the exclusive agency rights for the mall inventory which will rent in the 20-70 euro/sq m range. Another 2 retail and entertainment centers in Varna should welcome their first customers by the end of 2007.
Interservice Uzunovi, the Bulgarian home appliance and consumer electronics retailer, is investing 35 mln euro in the Mall Varna development. The 50,000 sq m mall will occupy a 16,500 sq m site near the future outlet of German food retailer Kaufland.
Luke, the real estate investment trust incorporated by Carl-Heinz Pfohe, the German owner of Bulgarian Ford dealer Moto Pfohe, is building Pfohe Mall in Varna. The 26,000 sq m Pfohe Mall will have 17,500 sq m of retail floor area and 6,500 sq m of raking space and should open by the end of 2007.
Orchid Mall Varna, a project of property developer Orchid Developments, is due to launch by September 2009
Thursday, April 12th, 2007
Terra Tour Service to invest 71 mln levs in Pravets golf resort, 40 min away from Sofia
Local company Terra Tour Service has announced plans to invest 71.8 mln levs in a golf resort near the town of Pravets, 40 min away from the capital city of Sofia. The project will be granted a First Class Investor certificate by the InvestBulgaria Agency, the local investment promotion authority. Terra Tour Service is managed by Vasil Zlatev, father of Lukoil Bulgarian executive director Valentin Zlatev.The 60 ha resort will comprise a PGA-level course, clubhouse and 35 villas.
Terra Tour Service, which owns 4 hotels, game parks, sports venues, spa center and a Pomorie holiday complex, plans to self-finance 30% of the project cost and borrow the remainder.
The Pravets development is the 5th golf resort awarded a First Class Investor certificate after projects in Pomorie, Razlog, Kavarna and the village of Kurilo near Sofia.
Wednesday, April 11th, 2007
Bulgarian company Litex Commerce to build holiday village near Balchik
Litex Commerce, a Bulgarian company active in fuel retail, energy, beverages, alcoholic drinks, tourism and construction, will invest 100 mln euro in a holiday village near the coastal city of Balchik, reports news agency SeeNews, citing Litex CFO Ilia Terziev.
The 60 ha development, which will feature 500 villas, hotel and sports venues, should be completed in a couple of years.
A total of 126 villas will be completed during the first stage of the project due to get underway this summer. This part of the undertaking will be financed by Litex Commerce. The remaining stages would require the soliciting of external financing either from banks or from a partner for the creation of a joint venture.
The coastal area between Balchik and Kavarna is experiencing rapid development with projects for no less than 3 golf courses and a dozen holiday villages already in progress.