December 19 (SeeNews) - Estonian real estate group Arco Vara said on Thursday that it forecasts to complete the delivery and sale of apartments in its Iztok Parkside project, in Bulgaria's capital, during the first half of 2020.
"As of now, we are behind the timeline set in our own 2016 business plan. But the existing presale data is very encouraging indicator to the possibility that we will achieve more than 9 million euro sale revenue and considerable net profit during H1 2020," Arco Vara’s CEO Tarmo Sild said in a statement.
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During this week's regular meeting, Bulgaria's government approved the transfer of certain individual land plots that remain underneath the public streets in Iztok Parkside project, to the city of Sofia. As a result of those decisions, Arco Vara’s Bulgarian subsidiary Iztok Parkside is legally able to proceed with completion of public utilities infrastructure underneath the access streets and obtaining occupancy permits for the project’s three buildings, the Estonian real estate group said.
The Iztok Parkside project comprises three residential buildings.