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300M euro gated community to rise near Varna

Thursday, Jun 12, 2008

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.
The compound will have a total built-up area of close to 400 000 sq m on a land plot of 50 ha. It will consist of single-family and two-family homes, as well as condominiums. The total number of homes will amount to five thousand. For the convenience of the Electra Hills residents, the company also plans to build a shopping centre, kindergartens, a school, restaurants, an amusement park and even a church.
It is expected that the project will be completed within five to seven years, and the construction work is scheduled to begin in the spring of 2009. However, no final deadline has been set yet, because it would depend on when the company would obtain all necessary permits, and how the property market would progress, an Electra Bulgaria representative told the weekly.
Varna-based architectural studio, Arhpro, has been hired to create the Electra Hills design, using the help of international consultants with experience in the execution of similar projects. Global Project Consults has been selected for the monitoring and managing of the project.
Electra Bulgaria identifies as potential property buyers people between 25 to 45 years of age. The company's sales manager has been quoted as saying that the prices are compatible to the ones asked for the Varna's suburbs, but the living conditions that Electra Hills would offer are to expected to be quite different.

Source: PropertyWise Bulgaria