A new residential development has been started in Sofia. Simeonovo River Park is expected to be one of the most expensive projects of its type. Currently, the estimated costs to build the complex are estimated at about 100 million euro. That was announced by Ivo Koloushev, director of Bulgarian developer Litos, quoted by SeeNews newswire.
The construction company is a venture, with 50 per cent of the share stake being in the hands of a foreign investor and the rest controlled on Bulgarian side.
The construction works of Simeonovo River Park started earlier this year and the completion deadline is in three years’ time. The whole project will spread over 248 000 sq.m and will consist of 207 houses with modern architecture. Another 97 000 sq.m are intended for maintenance space. It is said that half the space is reserved for parks and green areas. This will include bike and pedestrian alleys, several basketball and tennis courts for sports and leisure activities.
There will also be a supermarket and a number of restaurants and cafes. Litos, the developing company, has two other similar projects under construction in Sofia in its portfolio. They also have a hotel in the winter resort of Bansko. The company is also in partner relations with a real estate investment trust based in Ireland.