Russian Company To Build Residential Complex on Bulgaria's Black Sea Coast

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Russian Company To Build Residential Complex on Bulgaria's Black Sea Coast

Russia's Etalon LenSpecSMU Holding Company, which specializes mainly in residential construction, will expand its operations outside of Russia with the construction of a residential complex in Bulgaria, Property Xpress reported.

The company plans to invest nearly 30 mln dollars in the setting up of a luxury apartment complex near Black Sea coast's Golden Sands resort. Foreign banks are expected to secure the funding for the project.

The new residential complex will have a total built up area of 22,000 sq. m. and will also boast landscaping and parking areas.

Construction works are slated for completion by the middle of 2009 at the latest. The investments in residential construction along Bulgaria's Black Sea coast are among the most profitable at present, according to the management of the Russian company.

The interest in Russia towards a similar project is huge and the company expects to sell the newly-built properties in the shortest of terms.

The prices of the residential properties are yet to be disclosed, but rich Russians will not hesitate to pay even a price of several thousand euros per m2, according to the company.

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