Prime Property BG REIT expects to complete its St. Vlas project – a gated residential complex offering vacation homes for rent on a total area of 10,000 sq.m. The community will have its own maintenance and security crew, as well as a property rent agency.
“We already have sales even though the construction is not completed and we expect to sign some more contracts in the near future,” the company said. “At the same time, there are properties available for rent (including some that have already been sold but the owner wishes to rent them out)”.
The fund's profit last year topped 11 million leva (5.6 mln euros) and good results are expected this year as well.
BenchMark Properties REIT said they did not plan the completion of any investment project right now. The fund is currently focusing on two projects – apartment hotel Exclusive Ski & Spa resort in Borovetz and an administrative and commercial building on Tsarigradsko Shose. Their completion has been scheduled for 2009.
ERG Capital 3 REIT said they are planning to complete the construction of a commercial center in Stara Zagora. It is situated on Blvd Patriarch Evtimii right next to Baumax. Total built-up area is 19,000 sq.m, of which nearly 15,000 is already rented for a term of 10 years. “We are currently negotiating the rent of the remaining space. We expect to collect our first revenues in 2009,” the company told Profit.bg.
Besides the parcel in Stara Zagora, the company also owns four other plots – two in Sofia and one in Burgas and Varna. There is investor interest in two of those and one plot is planned to be the location of a new commercial center. “We are analyzing what development opportunities will be more profitable to our shareholders for each of the plots – building shopping centers and rening space in them or selling the parcels,” ERG Capital 3 REIT said.
Fair Play Properties REIT investments for Q1 total 6.4 mln leva, 3.2 mln euros (VAT not included) and the value of the funds sales contracts amounts to 8.78 mln leva, 4.4 mln euros VAT not included).
The company's total investments last year topped 96 mln leva, 49 mln euros (VAT not included) and net revenues stood at 47.9 mln leva (24.4 mln euros). 213 sales were made in 2007.
The total amount of investments up to now stands at 203 mln euros. The bulk if it is directed to the development of vacation apartments, hotels, commercial space, residential properties, rehabilitation centers etc.
The company also said that 98% or 236 apartments in its Santa Marina vacation complex zone 1 in Sozopol were already sold as at end of 2007.
70% or 124 apartments in zone 2 are also sold, as well as 16 apartments in Bansko.
Sales in Santa Marina stage 3 started in April, the company added. The rest of the projects are still at an early stage of the development.
Fair Play Properties is planning to invest a further 73.6 mln leva (37.6 mln euros) by the end of the year. 58% of the sum (42.95 mln leva) will be allocated to construction projects and the remaining 30.65 mln leva to land purchases.
Active Properties REIT said the company does not have any development projects due to be completed this year.
Active Properties said there is investor interest in the following projects: the construction of a logistics center, the rening/sale of parcels in the village of Krumovo near Plovdiv, the residential complex in Plovdiv, the resale of a Svilengrad property, the renting of a hostel in Pleven etc. “No sales-purchase agreement have been signed so far this year,” the company added.
Exclusive Property REIT is starting the development of two large projects this year in compliance with its investment program. Their completion is expected within 17-18 months. The company has not signed any rent agreements so far in 2008, which meand this year's revenues will come primarily from interest on bank deposits and profit from reevaluation of properties.