Bulgarian Land Development to invest 27 mln euro in new ski resort

Dnevnik News

Bulgarian Land Development (BLD), listed on the London Stock Exchange's AIM market, said it will invest 27 mln euro in a resort complex in Borovets, Bulgaria's oldest and most famous winter vacation destination which lies 80 km south of Sofia.
At the end of 2006 BLD acquired a 56,093 sq m regulated site 8 km from the center of Borovets, in proximity to the lower-end location of a ski lift that will be built as part of the resort's future expansion.
Earlier this year, BLD manager Hristo Iliev was quoted as saying that the proceeds from the sale of the resort apartments were estimated at around 50 mln euro.
The investment project envisages the construction of a resort complex of villas and apartments with total built-up area in the range of 50,000 sq m.
The nine residential buildings will deliver around 820 apartments.
The resort will also feature a 120-bed hotel.
This is the first of the Borovets sites to start its presales.
Construction is expected to get underway in early 2008 and proceed in two phases.
The first phase will see the construction of the hotel component and several of the residential buildings. It should be completed 24 months after ground-breaking.
The second phase should be concluded two years after the start of the project.
BLD has so far invested around 30 mln euro in Bulgaria. It has several developments in progress on the Bulgarian Black Sea coast as well as in local ski resorts Pamporovo and Bansko.