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Dec 14, 2007 18:12 EEST
SOFIA (Bulgaria), December 14 (SeeNews) – Bulgaria's Edeland Property Developers on Friday said it plans to invest 20 million euro ($29 million) to build a holiday village near the ski resort of Bansko, in southwest Bulgaria.
The company has already paid 2.5 million euro to buy 16,000 square metres of land for the project, the project's chief architect, Atanas Tankov, told SeeNews.
The holiday village, to be named Edeland Ridge, will have a built-up area of 28,000 square metres. It will comprise a hotel with 100 rooms and four residential buildings with a total of 340 apartments.
Construction should start in the spring of 2008 and should be completed by the end of 2010, Tankov said.
Edeland expects a 30% return on the investment. It believes Edeland Ridge has the potential to be fully occupied around the year, attracting skiers, golf players, spa lovers and ecotourists.
“The prices of apartments will start from 1,100-1,200 euro per square metre in off-plan sale, and when the complex is ready we expect them to rise to 1,600 euro,” Tankov said.
Edeland Property Developers (www.edelandproperties.com) is working on another two luxury projects near a golf course close to Bansko. The company also plans to build resort complexes at the Bulgarian Black Sea coast and in the capital Sofia.
Bulgaria’s real estate market attracts great interest from domestic and foreign investors, drawn by the prospects for high yields after the country's accession to the European Union in January 2007.
($ = 0.6913 euro)
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