Real estate developer Bulgarian Land Development said it will start the construction of a holiday complex near Bulgarian sea resort Albena. The building plot on which the complex will be built is located 16 km from the city of Varna and only 1 km from the international E 78 Highway - Istanbul-Bourgas-Varna-Constanza.
The complex, which will accommodate 22 detached houses and 97 apartment units with a combined area of 13,000 sq m, should be completed by the end of 2007. The development, located in the vicinity of 3 golf courses, is expected to return 12 mln euro upon completion. Off-plan sales will begin in July.
Bulgarian Land Development joined the AIM market of the London Stock Exchange in March 2006, raising 23 mln British pounds. The group is engaged in residential development and expects to operate primarily in the holiday areas of the Black Sea coast and the ski resorts, as well as in Sofia, the capital of Bulgaria. The fund, which is based on the Isle of Man, was established by the managers of Bulgarian realtor Address Group.