In 2008, entrepreneurs still find commercial and business centres the most appealing projects for investment. But there is a possibility this tendency to change after 2010, when all planned construction is completed, the market in Sofia might become saturated, consultants Arco Real Estate said in a statement.
Cherveno Zname Red Flag sports complex in Sofia will be renovated into a modern sports centre that would be able to host top international sports events, ConstructionEntrepreneurial Holding EOOD CEH, the contractor picked for the revamp, said, as quoted by Dnevnik daily on June 19.CEH was contracted by executive agency Social Activities with the Defence Ministry after winning a public bid to this effect. The ministry owns the land on which the Cherveno Zname complex is located.
The initiative committee of Sofias Mladost districts residents, together with Zelenite political party Bulgarian Greens, will stage a rally on June 23 at 7pm in front of the Mladost district hall to protest against the districts urban plan, which envisions building up areas between blocks of flats and the destruction of green areas in Mladost.The committee has created a website, where they put pictures and descriptions of all places that would be quot;destroyed quot;, and called on fellow residents to Come to clearly express our standpoint and disagreement with this madness
An increase of eight to 10 per cent in loan applications for remodelling and furnishing has been registered in Plovdiv, the local office of real estate consultants Europolis said in a statement.Europolis conclusion is drawn from the data provided by the Plovdiv branches of major banks. The average amount for the renovation of a twobedroom apartment is between eight thousand and 12 000 euro, a threebedroom home will take up to 18 000 euro, while to satisfy their taste for luxury, some clients may request up to 30 000 euro.
Mall of Varna, which claims to be biggest shopping centre built in Bulgaria to date, officially opened its doors to the public June 12. The day of its opening also marks the official change of ownership, with British privatelyowned Miller Developments taking over.Intersevice Uzunovi AA, a major Varnabased investor, has invested close to 50 million euro in the project, but agreed to sell the thenincomplete development for 120 million euro. The selling price is the highest paid for a shopping centre in Bulgaria so far. It is also the second most important transaction in the country in regards to real estate value, according to Dnevnik daily. The annual rate of return, estimated by Miller Developments, is up to 7.5 per cent, the daily said.
Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, will invest 300 million euro in a residential project near the Black Sea city of Varna, weekly Stroitelstvo Gradut said. The company confirmed that it plans to build the biggest yet gated residential community in Bulgaria, called Electra Hills. The land plot it has selected for the purpose is near the Kalimantsi village, 15km northwest of Varna. The company has completed similar projects in Israel and Ukraine.
Spanish and Bulgarian investors announced plans to build a new mixeduse compound in the vicinity of Sofias central railway station, SeeNews corporate wire reported on June 5.The complex, to be named Five Towers of Sofia, is estimated to cost 400 million euro, Krassimir Todorov of Source consultancy told SeeNews. The figure is an update from original plans because prices for construction of office buildings and retail sites has risen since conception of the project.
European Trade Center, an office complex whose construction is already underway on Tsarigradsko Chaussee in Sofia, would be completed in 2010 and should bring seven per cent return on investment, investors in the project told reporters on June 2, as quoted by Dnevnik daily.The complex would have a total builtup area of 70 000 sq m, making it one of the largest in Bulgaria and comprising a tenth of modern office space currently available on the market, Colliers International, the consultant of the project, said.