22.08.2007 BOROVETS EXPANSION KICKS OFF WITH CONSTRUCTION OF LIFT FACILITY

Dnevnik a.m.

The much-anticipated expansion of Bulgarian ski resort Borovets, dubbed the Super Borovets project, is set to finally get underway in early October this year with the construction of a lift connecting the city of Samokov with the Markudjik ski runs.

The news was produced by Tuesday's meeting of the board of Rila-Samokov 2004 AD, the project company that owns 2 mln sq m of land in Bulgaria's Borovets mountain area for further development into residential second homes and associated infrastructure.

The whole project will be implemented into three phases.

The so called Lower Borovets tract will deliver 7,000 beds and a built-up area of 350,000 sq m.

A further 1,500 hotel beds are planned for the so called tourist core Beli Iskar. They will be distributed among family-run hotels, vacation villages and condo buildings. The area will also accommodate a lift connecting the river of Beli Iskar with the Borovets resort.

The bed capacity of Borovets proper is seen rising to 8,000 beds from 6,500 at present.

Another 1,000 hotel beds are planned for the upper Borovets.

Upon completion, the supersized resort will have 25,000 beds and 100 km of ski runs.

The investors expected to inject at least 350 mln euro in the Super Borovets project.

Borovets Invest, a joint venture between investment fund Equest and Oman investors, owns 67% of Rila Samokov 2004. The Samokov municipality controls a 25% share with construction company Glavbolgarstroy holding 8%.

View Properties for Sale in/near Borovets.

View Properties for Sale in/near Samokov.
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