Tue, May 22 2012

Bulgarian Land Development starts controversial project

Tue, Jun 02 2009 12:15 CET

byDnevnik.bg

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Bulgarian Land Development starts controversial project

The beaches around Kavarna are a favourite spot for July Morning celebrations by fans of rock music.

Photo: Sofia Panayotova/flickr.com

Residential property developer Bulgarian Land Development (BLD) will start work on its July Morning holiday village, the company said in a filing to the London Stock Exchange (LSE), where it is listed.

Set to rise on a site near the town of Kavarna, in northeastern Bulgaria, the development has been put on the list of "destroyers of Bulgarian nature" as the investor plans to "appropriate the coastal line as well," environmentalists claim.

Despite the strong reaction from conservation groups, the project was awarded all the necessary permits from the local authorities. BLD said in its statement that it secured enough funding to launch a scaled-down version of the project, whose first building would have 55 apartments, 41 of which had already been sold.

The building, which will stand on an area of 3600 sq m, should be completed in June 2010 at a cost of about 2.2 million euro.

The entire holiday village is planned to sprawl over 92 000 sq m, accommodating 351 homes, a spa centre, restaurants, small football pitches and mini-golf courses as well as five swimming pools. The total investment in the project is estimated at 40 million euro.

Source: Dnevnik

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Comments

AnonymoussimonSat, Jun 06 2009 18:23 CET

This comment has been removed by the moderator because it contained

Anonymous Mat Wed, Jun 03 2009 00:07 CET
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they pre-sold 41 of 55.....

Anonymous sarah Tue, Jun 02 2009 15:19 CET
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unbelievable - who's going to buy the properties when so many other properties at the coast are already standing empty?


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