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.
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