Wed, Jun 19 2013
The construction of the first mall in the coastal city of Varna would begin next week.
Mall of Varna would have trade area totaling 25 000 sq m. Both offices and stores would be offered for rent, mediapool.bg reported.
Construction was expected to end in November 2007, Interservice Uzunovi managing director Krasimir Ouzounov said. The company is investor in the project.
Investment in Mall of Varna exceeded 30 million euro, mediapool.bg reported.
The overall mall area would reach 65 000 sq m. Mall of Varna would have five floors and nearly 70 per cent of the area would be used for stores. Other facilities include restaurants, cafés and offices.
Mall of Varna would have three-level underground parking lots, mediapool.bg reported.
Interservice Uzunovi acted only as investor and construction company and lacked the capacity to manage the mall once it was completed. The company would sell the finished mall but deadline for the transaction was not set yet, Ouzounov said.
Worst is over for Bulgaria's property market after three years of decline, reports by Yavlena and Bulgarian Properties real estate firms claim.
Draft law envisages professional association for real estate agents and a public register of real estate companies to bring order to the business and get rid of rogues and rip-off artists.
Landmark Centre Varna’s financial reports show its largest debt is an investment loan of 6.9 million euro issued by Eurobank EFG Bulgaria in mid-2008 and secured with a mortgage.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.