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To give our clients a clear idea of what the amazing Super Borovets project actually entails, have gathered all available information and put it in one place.

Black Sea Ppty Fund acquires further land in Borovets
Updated: 2007-05-10

Black Sea Ppty Fund acquires further land in Borovets
The Black Sea Property Fund has signed a conditional preliminary contract to acquire development land in Borovets, Bulgaria's oldest winter resort and is located 61 km from Sofia, the company said in a filing with the London Stock Exchange.

The total purchase price is 10,536,685 euro.

Completion of the purchase is conditional on planning permission being received and further legal due diligence being completed.

The fund expects to commit total equity of around 11.5 mln euro (including the land purchase). The total development cost (including the land purchase) is expected to be in the region of 55 mln euro.

Current 'as-built' sale prices, based on comparable properties selling in the region, are estimated at 1,150 euro/sq m including VAT, giving a gross development value for the residential element of the development of 70 mln euro.

The company said associated commercial and hotel elements of the site add a further estimated 12 mln euro, giving a gross development value for the entire site in the region of 82 mln euro.

The fund intends to develop the land in planned phases into a residential resort complex with associated commercial space and a hotel, for which a well-respected operator will be procured.

Construction will be financed primarily through a debt finance facility with a local bank, together with deposits from off-plan sales.

The fund said Wednesday that it has resolved the complications relating to its original investment at Borovets.

This site was affected by a third party restitution claimand the fund has agreed to exchange that plot of land for another site in the same area.

This site comprises up to 40,500 sq m of development land, the exact size depending on the detailed zoning plan that will be put in place prior to completion. The purchase price is 85 euro/sq m of land, equal to a maximum of 3,442,500 euro. The deposit paid by the fund for the original Borovets site will be credited against the purchase price.

Completion of the purchase is conditional, amongst other things, on planning permission being obtained and meeting certain minimum standards.

The fund is currently financing four developments by third party developers and has acquired or invested in land for development in three further locations. The portfolio is well diversified, consisting of developments in two ski regions (Borovets and Pamporovo), on the Black Sea coast and in the capital Sofia.

The fund added that 61 units have been reserved at the Obzor development (approximately 50% of the units released for sale to date). Sales at the Magnolia complex have been suspended while the developer negotiates a potential bulk sale of the entire development.(Dnevnik)

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