Bulgarian Land Development has announced the acquisition of a 56,093 m[sup]2[/sup] regulated site near the Bulgarian winter resort of Borovets - the largest and most modern resort in Bulgaria. The company intends to develop a residential complex on the site, with an estimated sales value of about EUR 51 mln.
Bulgarian Land Development has announced the acquisition of a 56,093 m2 regulated site near the Bulgarian winter resort of Borovets - the largest and most modern resort in Bulgaria. The company intends to develop a residential complex on the site, with an estimated sales value of about EUR 51 mln.
The AIM-listed Bulgarian residential property developer said that in addition to the purchase price of EUR 5 mln, it will pay out of sales proceeds EUR 20 per m2 of the build-up area and 30% of any gross sale proceeds over EUR 40 mln, financial newspaper Freeman News has reported.
The company expects total construction costs to be about EUR 27 mln with construction work carried out in two phases, the first phase starting in early 2008.
In a statement, chief executive Christo Iliev said 'our development portfolio will now have a completed development value of EUR 242 mln'. The firm added that it is in talks for further property acquisitions.
