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Nov 28, 2007 19:22 EEST
SOFIA (Bulgaria), November 28 (SeeNews) – Bulgarian-Israeli company Balchik Dreams plans to invest some 120 million euro ($177.2 million) in the construction of a holliday village near the Black Sea town of Balchik, a company official said on Wednesday.
The village will consist of 900 houses, each with a built-up area of 160 square metres. The complex will accommodate also a retail area and recreation facilities, Amnon Halper, Managing Director of Balchik Dreams, told SeeNews.
The village should be completed in three or four years, Halper said.
He added that the company has already acquired some 400,000 square metres of land for the project.
The vacation village near Balchik is the first project of Balchik Dreams.
Bulgaria’s tourism and real estate sectors have attracted a large number of foreign investors in the past several years, partly due to the prospects for rising yields after the country’s entry into the European Union in January.
($ = 0.6781 euro)
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