Real estate investment trust BenchMark Fund Estates has signed a preliminary contract for the purchase of a 9,000 m2 development plot in the Bulgarian ski resort Borovets. The company plans to build a luxury Bulgaria apartments complex with a total built-up area of approximately 12,000 m2. Building will begin within the next 3 months and should be finished by mid-2009.
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Bulgarian Property & Real Estate News
BenchMark Fund invests in development plot in Borovets ski resort
Borovets Property ranked as top location for ski property
The Bulgarian ski resort of Borovets is listed in 6th position in the Sunday Tribunes Top 10 property investments for 2008. Dubai ranks first on the list as one of the world’s fastest growing cities. Also included are: Ibiza, Poznan, Toulouse, Geneva, Orlando, London, Hurghada and Silver Coast. Bulgaria property has been one of the hottest property markets in Europe for the last couple of years. But in the haste to snap up a bargain, the Bulgarian property market in some parts of the country has become a little too crowded and overdeveloped. Read more…
Go Ahead for 3-Tier Super Borovets Project
The mega-project, called Super Borovets, in the Rila mountain, was given the final go-ahead with a ground-breaking ceremony on Monday after years of controversies. The enormous complex will encompass the towns of Samokov and Beli Iskar and will expand one of Bulgaria’s most popular skiing resorts. The ground-breaking ceremony was attended by Prime Minister Sergey Stanishev, former king and former Prime Minister Simeon Saxe-Coburg, as well as Oman’s Sultan and Prime Minister Qaboos bin Said al-Said, who is one of the main investors in the ski property project. Read more…
New highway will allow Sofia Citizens to Reach Rila Mountain in 30 Minutes
The Super Borovets project starts with the construction of a new gondola lift to the region of Markudjik at a cost of fifteen million euros. In three years’ time Sofia citizens will need only 35 minutes to reach the ski runs in the winter resort of Borovets, because this is the deadline for the construction of the Rila Highway, which will connect Sofia with the town of Samokov. “The Ministry of Regional Development and Public Works has already commissioned experts to work out the project for the highway,” said Glavbolgarstroy CEO Simeon Peshov. Read more…
Start made on expansion of Borovets ski resort
The much-anticipated expansion of Bulgarian ski resort Borovets, dubbed the Super Borovets project, is set to finally get underway on Monday with the ground-breaking ceremony for a lift connecting the town of Samokov with the Markudjik ski runs.The Super Borovets concept has been tweaked to avoid the mass-marketing of the resort as a destination of second homes and ski runs, said Georgi Krumov, managing partner at key investor Equest and executive director of Rila-Samokov 2004 AD, the project company that owns 2 mln sq m of land in the Borovets mountain area. Read more…
Property Fund buys more Super Borovets property
Local real estate investment trust Super Borovets Property Fund said it has added three plots with a combined area of 20,284 sq m to the land its owns in ski resort Borovets. The deal price is 1.22 mln levs. The property investor now owns a total of 5 ha of land in Borovets. The company said it has no definite plans for the development of the land and said it will wait and see how the expansion of the resort pans out. Read more…
Borovets resort expansion kicks off with construction of new gondola
The much awaited expansion of the Bulgarian ski resort of Borovets, named the Super Borovets project, is set to finally get underway in early October this year with the construction of a lift connecting the city of Samokov with the Markudjik ski runs.The news was produced by Tuesday’s meeting of the board of Rila-Samokov 2004 AD, the project company that owns 2 mln sq m of land in Bulgaria’s Borovets mountain area for further development into residential second homes and associated infrastructure. Read more…
Equest Balkan acquires stake in Super Borovets
Equest Investments Balkans Ltd (‘EIB’ or the ‘Company’), the specialist investment company focused on retail and financial services, infrastructure and property development in South Eastern Europe, today announces the acquisition of a strategic 33.5% indirect equity holding in Rila Samokov 2004 AD (“Rila Samokov”), the company which is the land owner and principal developer of a large scale development project in the Borovets mountain resort area in Bulgaria. Following this announcement, the Company now has investments in 9 companies in South Eastern Europe. Read more…
The Sultan of Oman buys into Super Borovets
The state fund of Oman has acquired a 33.5% stake in the Super Borovets property project. His Majesty Sultan Qaboos bin Said of Oman will participate in the development of a luxurious winter resort called Super Borovets in the Bulgarian Rila mountains. The State Fund of Oman has bought a 33.5-percent-stake in the project from the Rila Borovets 2004 venture. The British investment fund Equest acquired 33.5-percent stake in the Super Borovets project. Read more…
Investment of 70m leva in Borovets ski resort
Borosport AD, the company managing the skiing facilities in the Bulgarian ski resort of Borovets, said it will invest 70 mln levs over the next 3 years in new ski runs, skiing equipment and installations for artificial snow. The size of the investment means the company qualifies for a First Class Investor certificate issued by the InvestBulgaria Agency. The combined length of the Borovets ski runs will be extended to 120 km over the investment period. The company will attempt to make the best of the skiing locations with altitude between 1,600 and 2,500 m where snow shortage, which has plagued many an international winter resort, is less of a problem. Read more…