Real Estate News

17.10.2007 Winslow Developments presents its Bansko project at a Moscow property show

For the first time, exhibition visitors displayed a peculiar interest in Bansko. Winslow Developments presented its Bansko Mountain Residencies at this autumn’s DomExpo, an international property show held in Moscow from October 11 to 14. Gostini Dvor hall, located in the centre of the Russian capital, hosted the show’s participants, which embraces 27 Bulgarian companies offering differing destinations throughout the country.
Winslow Developments show jointly with New-Address and shared a stand that they arranged like a picture gallery. The stand received an adjudge for best design and publicity of Bulgaria.
For the first time, exhibition visitors displayed a particular interest in Bansko. They were not only drawed by the ski tourism opportunities of the resort, but also by the town's cultural attractions and nightlife. Bansko was introduced as both a winter and a summer holiday destination.

16.10.2007 Building season in Bulgaria's Sunny Beach begins

New construction season in the seaside resort of Sunny Beach began on October 15 2007.
Only two or three hotels will be constructed in the eastern part of the resort, while in the western part, nearly 20 new buildings will be standing.
Elena Ivanova, representative of the union of owners, told that the next municipal council of Nessebar would have to enforce the order from the current mayor for building to be halted on May 1 2008.
The union of the owners announced that if construction would not stop on May 1, the tourist season would be put off.
Ivanova told that in 2007, the first charter flights arrived a month after the official opening of the season, making the summer season shorter for tour-operators and hotel owners.
If the building season would continue to start before October 15 and end after May 1, the summer season would continue to become shorter, which would lead to loses in the tourism sector, she announced.
An increasing number of tourists mourned of the noise and dirt in the resort, caused by the construction sites.

15.10.2007 Sofia citizens – on bike

Dikov pledged yet another pledge– Sofia will enjoy a longer metro line than originally planned.Sofia's centre has gone into a panic over the recent forbid on the construction of new residential units that didn’t have adequate parking for their future inhabitants, Petar Dikov, Sofia's chief architect announced.
Some companies tried to bypass the regulation by lifting edifices with underground two- or three-level parking lots that would adjoin old buildings in the centre. But this try to observe the legal requirement to secure one or two parking places per flat resulted in cracked fronts and weakened the foundations of neighbouring houses.
The municipality will start hiring companies to repair the facades of the old buildings in return for receiving advertising space on the walls. There are already about 20 buildings that have been mended as part of this arrangement, Dikov announced.
The municipality will start developing some of the high-rise building projects on its own and will later give them to construction companies. It is one of the ways to act against the speculation with plots' prices by buying a terrain, declaring one's intention to construct a skyscraper there, thus increasing the cost of the land, and selling the plot afterwards at a higher price.

13.10.2007 The number of Swedish tourists visiting Bulgaria is growth

The country welcomed 10 000 more Swedish tourists this year, and governors hoped that more and more Swedes would see Bulgaria as a good place for investments Bulgaria has the most attractive legislation for drawing foreign investors, the country's President Georgi Parvanov told on the first day of his official visit to Sweden.
The country welcomed 10 000 more Swedish tourists this year, and governors looked forward that more and more Swedes would see Bulgaria as a good place for investments, Bulgaria's head of state added during his assembly with Swedish Prime Minister Fredrik Reinfeld.
There is a active political dialogue between the governments of the two countries, which, in Parvanov's words, maps out the European perspective in bilateral attitude.

12.10.2007 460 Billion euro spent for commercial projects in 2007

From January to October 2007 six large-scale commercial projects in Bulgaria alter their owners for a total of about 460 million euro. The largest deal so far is the gain of Mall Varna. Scottish Miller Developments payed 120 million euro to the local Interserviz Uzunovi for the high-quality craft centre in the coastal city of Varna.
Porche Business Centre, situated close to Sofia Airport, changed its owner as well. Landmark Property purchased the business development from Orchid Developments for the cost of 13 million euro. Landmark enlarged their portfolio with another business development, Hyundai Business Centre, located on Sofia's ring road, close to Business Park Sofia. The investor, Industrial Commerce, dealer of Hyundai for Bulgaria, sold the business centre, which is still under construction, for the value of 22 million euro. The new owners will change the name of the building to Sofia Business Centre. Hyundai's retailer will keep the show room and the service premises.
General Electric and the Irish investment fund Quinlan Private purchised Mall Plovdiv for 100 million euro.
The Austrian CA Immo International expanded on the Bulgarian real estate market by acquiring a third business development. Soravia Bautrager, also an Austrian company, sold Megapark Soravia to their replica for 96 million euro. The commercial centre, equipped with offices and retail areas, situated on Tsarigadsko Chausse Blvd, is set for completion by the end of 2009. Its gross actual area is expected to reach 90 000 sq m.
There is already a contract for the buy of Business Park Varna, 24 Chasa Daily reports, quoting the important investor in the project, Hristo Georgiev. Africa Israel Investment Europe, a company owned by the Israeli billionaire Lev Leviev is acquiring the business centre for an undisclosed come to, which some claim to be in the ballpark of 76 million euro.
It is possible that a few other large-scale deals will be sealed by year-end, experts announced. Usually, the preparation of such deals takes a long period of time and neither of the parties likes to share information in advance of abolition.
The number of investors in business and commercial real estates aiming to sell a complete and functioning project is increasing.
European Convergence Development Company, the major investor in Galleria Plovdiv mall, said they are looking for

11.10.2007 A 75-million euro project has been entrusted to Spanish FCC

Currently, FCC is constructing the Vidin-Kalafat Bridge, which will bind Bulgaria and Romania. The investment is estimated at 116 million euro. Bulgaria's Мinistry of Transport has assigned the construction of a railroad and highway on the Vidin-Kalafat Bridge. The project will cost 75.1 million euro and will embrace:
• building a 16.3-km-long railway with individual electricity provide and auxiliary illumination equipment, creating control, signage and telecommunication systems, setting up a new international station of craft, rehabilitating the existing one which is for passengers and erecting three new adjoining edifices;
• building a 6-kilometre-long highway with two lanes in each direction and four junctions, and the building of eight bridges overpassing the railroad and highway.
Currently, FCC is constructing the Vidin-Kalafat Bridge, which will connect Bulgaria and Romania. The investment is calcullated at 116 million euro. The so-called Danube II Bridge, which is to get a part of the Corridor IV (Dresden- Istanbul), will be 1 971 m long. It was designed jointly by specialists from Fernandez Casado S.L. and the Technical Service department of FCC Construction.
FCC, through its Austrian affiliate Alpine, has recently won another project to develop two purification plants in the town of Sevlievo and Bourgas' Meden Rudnik district. The work will embrace design, construction, providing the necessary equipment, launching the installations and staff training. The amount of the investment will exceed 15 million euro.
The Sevlievo institution will serve 53 300 people residing in the town and nearby municipalities. The one in Bourgas, situated on the coastline, will purify the residual water of 56 800 citizens

10.10.2007 Developers break ground for extension of Bulgarian ski resort Borovets

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.

09.10.2007 ECE projektmanagment to develop Cherno More Park in Varna in Bulgaria.

Inside city shopping center developer ECE Projektmanagement would develop a first-class shopping center in Varna, Ukrainian web site www.dah.kiev.ua announced on October 9.
Quoting company sources, the site announced the project named Cherno More Park with its more than 54 000 sq m of leasable area, more than 220 high-quality shops, and about 2300 parking lots, would create an attractive shopping location in Varna.
The total investment in Cherno More Park would reach 150 million euro and the park should be completed by 2010. It would be situated on Vladislav Varnencki Boulevard, an important road section in Varna.
In Bulgaria, ECE was already working on other two vaste-scale projects, both in Sofia. The Serdika Center with a leasing area of 50 000 sq m and 35 000 sq m of office space were due to launch in late 2009.
The company was building the Europe Center Sofia, a major part of the Europe Park Sofia, which would emerge in the heart of the city. The shopping center would suggest about 70 000 sq m of retail space and thus be the biggest inner city shopping gallery of Sofia.
Another highlight of Europe Park would be the Europe Tower. The 40-storey office tower that would be more than 180 metres high, making it the tallest building in the country. An international argue for the architectural design and urban integration of the Europe Tower was held in June and was won by the German architectural firm HPP Hentrich-Petschnigg & Partner.
Recently the InvestBulgaria Agency awarded Europe Center Sofia with the certificate of a First Class Investment.

08.10.2007 New investors interested in property market in Bulgaria

The real estate expo BalPex in Sofia display that interest in property in Bulgaria is strong and growing.
Investors from the UK, Ireland and Spain all showed interest in local developments and real estate, Dnevnik daily announced.
More than 100 firms took part in the expo. Most participators were from Bulgaria, despite the organisers’ efforts to attract companies and developments from the whole region. Nearly half of the participators were construction and investment companies, one quarter were real estate firms. Nine banks and credit institutions took part in the expo.
Most of the developments shown were residential properties and luxurious properties in costal or mountain resorts. Even whole hotels were offered for sale, Dnevnik reported.
According to the organisers, Balpex was becoming a meeting point of specialists for establishing business contacts, researched in diversefields and personal contacts, at the expense of property purchase.

06.10.2007 First hole of Bulgaria's super Borovets to be turned on October 8

Super Borovets project would finally be launched as the first sod would be turned on October 8 2007, reported Rila-Samokov 2004, the company which manages the project.
The project envisioned the broadening of the existing mountain resort of Borovets by the construction of new hotels, 40km of new ski runs, lift and related infrastructure, supporting equipment and sports and entertainment facilities, investor.bg announced.
Partners in Rila-Samokov 2004 are Borovets Investment (67 per cent), Samokov municipality (25 per cent) and Glavbolgarstroy (8 per cent). Borovets Investment consortium comprises of Equest Balkans Ltd and the state fund of Oman.
Equest entered the project in July 2007 after a purchase of 35.5 per cent of Rila-Samokov 2004, investor.bg announced.
Rila-Samokov 2004 reported that the Super Borovets project obtained all permits necessary for the launching of its first phase.

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