Developing the port of Balchik

Posted on 12.06.2008 by Bulgarian Properties

Only 2 years after the marine port in Balchik was given to a private company, the total amount of investments have exceeded the agreed 1.097 million leva. That was announced by Krasimir Enchev, managing director of Port Balchik AD, the company entrusted with the concession of the facility.

Next week the assembling of new facilities for protecting the pier walls must start. A new heavy-duty lift for freight up to 6 000 kg is also about to be installed in May. According to the Enchev, in the next few months a new warehouse and a trestle will also be constructed. The expected cost of that part of the project is more than 700 thousand leva. These building works are part of the expansion project for the port. The operating company has already offered partnership programmes and joint investments plans to several of its biggest clients.

Port Balchik AD has been managing the marine facility since 2005 when it was granted concession rights for 25 years. The company won the competition with a development and expansion project for more than 3.4 million leva. Construction of a new terminal for shipping grain and agricultural products is the most important and expensive part of the investment plan.

Tagged , , , , , | Leave a comment

Bulgarians now talk about Bulgarian properties

Posted on 11.06.2008 by Bulgarian Properties

Surveys conducted among real estate web portals in Bulgaria have showed interesting results in terms of price and investment expectations. Target group were Bulgarians, non-experts in real estate, visiting the web portals either to submit an offer for selling their own property, or prospective buyers who wished to purchase on their own directly from sellers. The inquiries also allowed people to share their opinions and observations over the property market.

Results indicated that most Bulgarians expect property prices to keep rising or keep their current levels. Being asked how prices of residential real estates will change by the end of the year, more than 39 % of the people expressed expectations in price growth. A little less than 2 % is the difference between them and those who think that prices will decrease. About 38 % of the people believe that residential prices will go down by the end of the year. On the other hand, around 18 – 20 % of the people expect residences to keep their current prices. They believe that prices will not be subject to significant changes.

Around 10 % of the inquired people expect prices of residential estates to rise with more than 10%, compared to prices in 2007 and the turn of 2008. The majority, however, believe that there will be a steady increase of 5 % and no more than 10 %. Although many people voted that there will be significant decrease of 10 % and even more, most people shared opinions that such figures are too much and downsizing is likely only for low-prospective offers where neither a good location nor quality construction and infrastructure are available. It was also commented that cut-offs by building companies can be expected only in case a whole complex has been unsuccessfully marketed for a long time, in other words if the builders are having hard times selling their developments.

The surveys’ results also indicated people’s expectations in the price increase of both agricultural and regulated land. 38 % of all people answering the questions believe that land prices will go up. An increase of 10 – 20 % or above 30 % is expected by 25 % of the people. The other types of properties which are like to become more expensive this year are all industrial premises and office space.

Posted in Bulgarian Properties | Tagged , , , | Leave a comment

First grand commercial complex in Rousse

Posted on 10.06.2008 by Bulgarian Properties

Grand ceremony gave the start of the biggest commercial center in Rousse – Grand Plaza. The development has unique features, combining retail and office spaces, a gym and a hotel. The property will be one of its kind in the area.

Construction works are expected to take two and a half years with a completion deadline in 2010. All facilities should start in autumn 2010. Total investment costs are estimated at 70 million euro.
The whole property will include sports facilities on area of 26 000 sq.m, a shopping center ( a mall ) with retail space of 37 500 sq.m for rent, a five-star hotel on 13 000 sq.m and top-class office premises spreading on 11 000 sq.m.

The total built area is estimated at 140 000 sq.m. The project is said to combine innovative professional planning and is a perfect example of how the private sector and the municipal administration can co-operate. The ceremony was attended by Rousse’s mayor Bozhidar Yotov and the Deputy Prime-Minister Ivailo Kalfin.

Investors of the expensive project are two private companies – Dency M (leaders in importing and trade with electronic household equipment) and Prista Oil. The rest of the funds are provided by the municipal administration.

Rousse’s mayor experssed his sincere hopes that this project will help to deepen the social and economic relations between Bulgaria and Romania and that it is a sure sign that the city will improve its economic positions and modern looks.

Tagged , , , , | Leave a comment