Shabla Teams up with Private co for Golf Resort Project

Dnevnik daily, 27 sept. 2007

Shabla resort, on the Black Sea, has registered a golf development joint venture with Oil and Gas Exploration and Production Co, an outfit affiliated with Varna-based business conglomerate TIM.

The municipality has contributed a 110 ha land plot to the assets of the Golf Shabla AD receiving in exchange a 35% stake in the joint venture.

The municipal land designated for the golf development is valued at around 3.6 mln levs or 3.2 levs/sq m. According to local real estate portals, the asking sale prices in the same area range between 2 and 40 euro/sq m.

The private investor will also contribute a land property, valued at 580,000 levs, to the project.

The investment project and architectural design should be ready within 10 months. Construction is expected to take up to 24 months.

In addition to the golf course, the 98 mln lev resort will also feature single-family houses located on the fringes of the property.

TIM is bankrolling a total of three golf resorts in the Shabla region.

Earlier this year, the Shabla municipal council approved two golf developments proposed by Bulgarian Golf Society, also part of TIM. The municipality will provide 100 ha of land to each of the projects.