Fair Play Properties REIT Invests 21 Mln Leva In a Residential Complex

Fair Play Properties REIT Invests 21 Mln Leva In a Residential Complex

At its meeting today, the Board of Directors of Fair Play Properties gave the go-ahead to a new project in Sandanski. The company, which is well-known as a developer of sea resort properties and mountain vacation villages will be building its first residential complex.

It will be situated at the entrance of Sandanski in the area of Sokoletz and will feature a fantastic view of the southern slope of the Pirin. The complex will be just 165 km away from Sofia, on the E79 international road to Greece, and on Struma highway, and 125 km away from Tessaloniki in Greece.

A local attraction nearby is the area of Rupite, famous with its church St. Petka built by the famous clairvoyant Vanga, as well the numerous mineral water springs. Sandanski is one of the oldest balneological centers in Europe.

The residential complex will be of a closed type and will be situated on an area of 18,000 sqm, owned by Fair Play Properties REIT. The apartments will be built in four-storey buildings. The property will have a total built-up area of 18,000 sqm.

The complex will have its own parking, swimming-pool, SPA center, sports facilities and restaurants. A shopping mall will later be built near the complex. The Sandanski ski-runs will be just 65 km away.

Construction begins in mid-2008 and is scheduled to end in 2011. Fair Play Properties has planned to invest 21 mln leva (10.737 mln euros) in the project, 1.2 mln (613,555 euros) of which was used in acquisition of the land plot.

Fair Play will build a new water and sewerage system under a new road to Sandanski. Fair Play expects to generate 32 mln leva (16.361 mln euros) in sales over the next three years, the projects net return is estimated at 40-50%. Those willing to buy properties before construction starts will be able to do so in the middle of 2008.

The fund's sales in the other two projects (in Varna and in Bankso) amount to 35.8 mln leva (18.304 mln eurods) in the nine months of 2007. Profit stands at 7.9 mln leva (4.039 mln euros), which means that nearly 6 mln leva will be allocated among investors.

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