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Dec 12, 2007 20:11 EEST
SOFIA (Bulgaria), December 12 (SeeNews) – London-listed real estate developer Madara Bulgarian Property Fund will start building next year a holiday complex near the Bulgarian Black Sea town of Byala, some 50 kilometres south of the city of Varna, Madara said on Wednesday.
“The average total cost of building, including acquiring the land, is estimated about 1,800 euro ($2,643) per square metre,” Madara press relations officer Jonathan Gollins told SeeNews by telephone from London, adding the development was still at the design and planning stage and it was too early to give an accurate estimate of costs.
"The Black Sea Gardens project is a luxury residential development[...]. Once completed, the development will comprise approximately 5,000 residential units, together with a full range of leisure facilities, including a marina, spa, and tennis courts," Madara said in a statement.
Gollins declined to disclose what the built-up area of the complex will be.
Madara has spent 27.3 million euro for the purchase of 408,341 square metres of land near Byala, it said in a statement to the London Stock Exchange (LSE). The master plan of the complex envisages five hill towns that will create a year-round community for up to 15,400 residents, the architect company for the project, Foster+Partners, said in a separate statement.
Madara also said it had agreed to acquire for 8.2 million euro 124,000 square metres of land located close to the Bulgarian ski resort of Borovets, some 60 kilometres south of the capital Sofia, where it plans to build a holiday village.
Madara Bulgarian Property Fund (www.madaracapital.com) is a Jersey incorporated, limited liability, closed ended investment fund established in April 2006 to invest in Bulgarian land and its development. The company was listed on the Alternative Investment Market (AIM) of the London Stock Exchange in June 2007.
Bulgaria’s real estate market is attracting great interest from domestic and foreign investors, drawn by the prospects for high yields after the country's accession to the European Union in January 2007.
($ = 0.6809 euro)
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