Sun, Nov 08 2009
On March 15 the construction of a new residential complex will be launched in Bulgaria's capital of Sofia.
Residential Park will be built on 235 000 sq m and upon completion will feature more than 900 residential units, Bulgarian news agency BTA reported.
Sofia mayor Boiko Borissov will attend the March 15 ceremony together with Bavarian minister of economics, transportation and technology Erwin Huber. German Lindner Holding is investor in the project.
The complex will be of closed type and will be located in the southern part of Sofia, in proximity to Vitosha Mountain.
Residential Park is part of the Sofia Park project.
Houses part of Residential Park can accommodate 2000 to 3000 residents. The complex will also have parks, gardens and sports facilities. Other planned facilities include a service centre featuring conference hall, kindergarten, swimming pools, retail area, kindergarten, pharmacy and a supermarket.
Office rent transactions peaked at 65 000 sq m between July and September 2008, but collapsed to 10 700 sq m in Q3 2009, Forton manager Sergei Koinov said.
Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro.
About 30 000 to 35 000 people employed in the construction sector were facing redundancies in 2010, Bulgaria's Regional Development Minister Rossen Plevneliev said on October 26.
Average market prices of housing in Bulgaria dropped five per cent in July-September, measured quarter-on-quarter, the National Statistical Institute said on October 23 2009.
The European Investment Bank (EIB) has released a 43.5 million euro loan to Sofia Municipality, for infrastructure projects worth 88.1 million euro in total