October 2 (SeeNews) - Estonian real estate company Arco Vara said on Monday it will launch the construction of Iztok Parkside residential development project in Sofia in October after it received the building permit for the project on September 29.
The first apartments are scheduled for completion in the fourth quarter of 2018, Arco Vara said in a statement.
Iztok Parkside will comprise three residential buildings offering 68 apartments with a total floor area of 7,676 sq m, according to the project’s official website.
"The revised revenue expectation is above 9 mln euros," the company said.
In March, Arco Vara said the Iztok Parkside project was falling behind schedule due to delays in obtaining a construction permit from Sofia municipal authorities.
Arco Vara operates on the Bulgarian market through its Sofia-based subsidiary Arco Real Estate Fund [BUL:28R].