Developers break ground for extension of Bulgarian ski resort Borovets

10.10.2007

Borovets Invest, a joint venture between investment fund Equest and Oman investors, owns 67% of Rila Samokov 2004. The Samokov municipality controls a 25 per cent quota. The much-anticipated expansion of Bulgarian ski resort Borovets, dubbed the Super Borovets project is underway with the ground-breaking ceremony for a lift connecting the city of Samokov with the Markudjik ski runs kept today.
The resort will be developed into a predestination primarily targeting Bulgarian year-round holiday-makers, announced the company official.
According to the expansion blueprint, construction denseness will be 20 per cent. The new hotels that will be added will have built-up area of 100 000 sq m. The total area of the planned vacation homes is around 400 000 sq m or no more than 4000 units.
The first of the project's two development stage should be completed within two years at a cost of around 650 million euro. A substantial portion of the investment resource will be borrowed.
The first stage will focus on the development of infrastructure like skiing facilities, ski runs and buildings at lower altitude.
Work on adding a total of 40 km of new ski runs will begin in March-April 2008.
The second phase of the project, embrasing the construction of the higher-altitude hotels, should be concluded by 2012.
The developers will ask an international competition to pick a project manager. The main building contractor for the resort enlargement is local construction company Glavbolgarstroy which owns a 8% stake in the project.

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