14.09.2005 Construction update for Lozenets Apartments in Sofia

BulgarianProperties, Sofia office

31 Oct 2005: Building 1 is fully completed. Building 2 is at the very last stage of completion.

The 2 buildings at Lozenets Apartment Complex near the new American Embassy are now completed. Minor completion works (painting walls, tiling, etc.) are continuing in Building 2.
The development has not yet received permission for use due to issues regarding the placing of the electricity transformer for the complex.

The development company is not responsible for this situation. They had all the plans and drawings (including those for the electricity transformer) approved by the Chief Architect of the Municipality in 2003 when the construction started.
Later, the electricity company was privatized and it decided to change its operating policy. In practice all electric transformers were previously built on land which was the property of the municipality. Since privatization such equipment must be put on the complex’s own land. This requires new architectural plans to be drawn up and permissions to be issued.

To do this would cause another 6 months delay. Therefore the developing company has applied both to the Mayor of Sofia and the Directors of the electricity company to allow the transformer to stay as initially planned as all the building permissions have been granted already.
We are awaiting the decision of these institutions during the next 4 or 5 weeks. We would like to apologize to all buyers for the inconvenience and will let you know as soon as there is any news.

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