New Privately Gated Complex In 'Byalata laguna'

06.06.2008

The first sod of the construction of a brand new privately gated community was turned in the White lagoon resort (Byalata Laguna). Investor of the new residential complex is the owning company of Albena Resort.
Byalata Laguna is a resort close to Balchik, and although as a destination it is not as popular as Golden Sands, Sunny Beach Sozopol or Nessebar, it is renowned for its mineral thermal springs, healing mud and well-preserved natural surroundings.
The complex itself will be situated on the front beach line and will cover approximately 21 000 sq. m. The expected cost only for the first part of the development is estimated at 15 million leva. But although the complex has not been started, some of the properties in the complex have already been marketed to potential Russian and Romanian customers and investors.
The investing company is currently conducting consolidation works at the site.The current start of this project is an indication of serious reverse in the plans of Albena owning company. Last year, the resort operator tried to sell the White Lagoon resort, but failed to reach an agreement on the price with prospective purchasers.
In 2007, Byalata Laguna resort ended with losses of 0.594 million leva. The poor financial result was due to the higher buildings tax and write-offs related to the re-valuation of assets after the resort went public.
Last year Albena reported net profit of 17.7 million leva, which represents a 13.7 % year-on-year rise. Revenues, however, were down 3.7 per cent over a 12 per cent decrease in overnight stays. The largest declines were reported to be of German and British tourists.

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