23.06.2007 A SOFIA COMPANY WAS SELECTED AS EXECUTOR OF “VELIKO TARNOVO HILLS” COMPLEX

Stroitelstvo Gradat Weekly, 11th June 2007, by Sylvia Zlatkova

The Sofia “Motive 1” company was selected as the developer of “Veliko Tarnovo Hills” complex in the old capital. The information was submitted to “Stroitelstvo Gradat” by “Veliko Tarnovo Development” JSC – the investor company of the largest investment project in the old capital so far. Vassil Ilchov, who has extensive experience in that sphere, is the representative of the building company, as pointed out by the investment company that has realized other projects in Sofia together with “Motive 1”. These projects are “Casa Bulgaria”, “Vranya”, “Liulin Garden”, “Cherni Vrah”. The company also implements industrial building, production of metal constructions and elements.

Recently, investors from Israel - financial analysts of the Israeli stock exchange, declared investment interest in Veliko Tarnovo. A group of forty members, among which – journalists of world economic editions, were acquainted with “Veliko Tarnovo Hills” project, as part of Bulgaria’s investment climate presentation. The Israeli financiers were interested in the region’s financial development, the scale of foreign investments in industry, tourism, the unemployment level, and the deficit of workforce. The Israeli financial group “Asim” has already invested 10 million Euros in Bulgaria and is one of the partners in the “Veliko Tarnovo Hills” project.

The underdeveloped financial market is the main sphere, which the Israeli investors in Bulgaria are targeting. This comment was made by Petar Hristov from “Bulgaria Investment Group”, investor in “Veliko Tarnovo Hills”. Representatives of the Israeli financial sphere define Bulgaria as a very attractive market, says Tsvika Karmi, General Director of “Asim Real Estate”. Great interest is shown in real estates, residences, offices and trade areas, logistic centers. Tsvika Karmi informed that Israeli reserve for investments in nearly 3000 apartments has been gathered so far. Besides the sites in Russe and Sofia, the mountain complexes of Bansko and Razlog were also presented to the Israeli group

According to information that was recently announced by “Stroitelstvo Gradat”, ten building companies made offers for the construction of “Veliko Tarnovo Hills” complex. The investment of “Veliko Tarnovo Development” JSC in the construction of the first out-of-town settlement near Veliko Tarnovo will amount to 50 million Euros. The complex will be constructed for less than four years in the South-East end of Veliko Tarnovo, in Troshana area. “Veliko Tarnovo Hills” is a type of building-up, which is unique for Bulgaria. The complex is situated near the main road between Sofia and Varna, equal distance away from the capital and the Black Sea coast. 11 blocks of flats will be constructed there, a total of 750 – 1000 apartments, as well as underground garages. Building of 45 one-family houses is planned for the sparsely built-up area. The houses will be of two types - “twin” and “row” type. Each house will have a garage. A trade-administrative center, a nursery school, a medical center, an open swimming pool, a closed one, playgrounds, basketball courts, and many other facilities are designed for the central part of the complex. Areas for rest and recreation, as well as many green areas are planned in the overall design of the lot, ensuring excellent quality of life. The project was initiated by “AS Optimus”, with team manager Architect Asen Nikolov. “IB Properties” is manager of the project. “Bulgaria Investment Group” (with co-partners Petar Hristov and Ron Dihno) is proprietor of 50% of “IB Properties”. The company is comparatively new for the investments and estates market in Bulgaria. It is managed by the two Directors, who are experienced in concluding deals with estates, as well as in directing investments to the right projects.

BulgarianProperties LTD offers exclusively apartments in Veliko Turnovo Hills. For more information, please click here.

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