14.9.2007

Bulgarian Land launches pre-sale stage of second Northern Black Sea development

LSE-listed Bulgarian Land Development PLC (BLD) said it has launched the pre-sale stage of its second development in the Northern Black Sea - the July Morning Seaside Resort, a development spread over a 95,000 sq m seafront freehold site in Kavarna.

The plot was assembled in 2006 through several off-market purchases. Start of construction is planned for the spring of 2008 (change of zoning pending) and completion of Stage 1 is expected in the summer of 2010, the company was quoted as saying by the RNS, the company news service of the LSE.

The site is in the Balchik-Kavarna area, one of the most exclusive areas on the Bulgarian Black Sea coast. Several internationally designed golf courses are already under construction in this area and spa facilities are nearby. With a yacht marina to be constructed, BLD expects the region to become the most exclusive area on the Black Sea Coast and a center for golfing and sailing. Local authority construction regulations mean that the area should not become overcrowded.

According to the developer, July Morning Seaside Resort is planned to provide a car-free environment so residents can enjoy a cleaner atmosphere in harmony with the surroundings. Inside the resort, golf carts will help residents move around. The buildings will be low-rise with plenty of green areas. Amenities of the resort will include a golf driving range, three swimming pools, a separate children's swimming pool, game rooms and open playgrounds, tennis courts, professional spa center, shops, cafe, restaurant and a beach lounge.

The total number of units to be released in the first stage of the development is 351 - a mix of studios, 1 and 2 bedroom apartments, and a number of larger semi detached low rise maisonettes with large sea-facing terraces. All units will be offered fully furnished at prices ranging from 45,000 euro for a studio up to 245,000 euro.

Gross development value of the units in Stage 1 is 29 mln euro (including VAT).

This launch follows the success of BLD's Harmony Hills development project near Albena Black Sea resort (50% of the units sold as of end-August) and the apartments acquired off-plan in Paradise Dune in Sozopol (78% of the units sold or reserved in 3 months).(Dnevnik)

Source: dnevnik.bg