Construction works on Lyulin Highway could be fasttracked, so that it is concluded by the end of next year, regional development minister Assen Gagaouzov was quoted as saying by Sega daily on March 21.The Government will do its best to speed up construction works and launch the infrastructural development by mid2009, Gagaouzov said at a meeting with representatives of businesses from the Pernik area.
Immoeast has opted to proceed cautiously in the currently ambiguous market situation, Immoeast officials told Reuters.Immoeast, a subsidiary of the Austrianbased property group Immofinanz, reported that the companys earnings before interest and tax fell to 123.6 million euro in the nine months to the end of December 2007, although earnings before tax for the same period rose by nine per cent to 221.9 million euro, Reuters reported.
The rental prices of a regular tworoom apartment in Sofia rose by an average of four per cent in the first quarter of 2008, while threeroom flats in prime locations posted a 6.7 per cent markup in the same period, according to a recent report of the local thinktank Industry Watch.Despite the recorded growth in residential rents, their rise still lags behind the growth in sale prices and the flats repayment period sale pricerent price ratio has been extended from 188 to 234 months on average, according to the survey.
Roslin Park, the first residential project of Israelibased Pritzker Group in Bulgaria, will be located in Sofias Lyulin neighbourhood, at the junction of Petar Dertliev Blvd and Pancho Vladigerov Str, consisting of 28 eightstorey apartment buildings with a total builtup area of 65 000 sq m, which will spread on a land plot of 30 000 sq m.The plot was acquired between 2004 and 2006, the company told The Sofia Echo.
Sofia mayor Boyko Borissov and the head of the State Agency for Youth and Sports SAYS Vessela Lecheva discussed the construction of new amusement and sports complexes in Sofia, Bulgarian language daily Standart reported on March 20.A new amusement park, similar to the former Sofialand, will open doors near Sofias Zapaden Park West park, the capitals chief architect Petar Dikov told Standart daily.
Polish real estate company Globe Trade Centre GTC received the prestigious Central amp; Eastern European CEE Real Estate Quality Award as developer of the year 2007. GTCs supervisory board chairman Eli Alroy also won the CEE Real Estate Industry Professional of the Year award, the company said in a statement on March 19.The ceremony took place in Warsaw Hilton Hotel. The Quality Awards Jury includes professionals from across the sector financiers, developers, agents and consultants. The events participants included the representatives of the real estate industry from CEE countries and guests from all over the world.
Despite the expected delivery of 55 000 sq m new office space to Sofias business property market this year, it will not be enough to meet the existing demand, according to a forecast by business property agents Forton, cited in a research paper by Cushman amp;Wakefield property consultants.The current lack of high quality space was one of the main features of the Bulgarian office market during 2007. Prime rental levels were unchanged as demand for high quality space remained high. Sofia is the main target for occupier interest, although a number of secondary cities have started to see an increase in an occupier activity.
French retail giant Carrefour sold its development, which is currently being constructed on Sofias Tsarigradsko Chausse Blvd, to Greek fund Assos Capital, for roughly 200 million euro, Alexandros Papageorgiou, the new funds managing director, said in a statement, as quoted by Kapital weekly.This is the biggest transaction in Bulgarias real estate sector since the start of the year and secondbiggest resale in the segment, topped only by Landmarks sale for 210 million euro, but ahead of the 180million deal for Business Park Sofia.
The number of accommodation facilities in Bulgaria has doubled to 3 300 over the past two years, data of the National Statistical Institute for 2007 showed.The hotel bed capacity, however, over the same period grew by only 23.6 per cent to 273 300 countrywide. Each bed was booked for an average of 66 days last year, down from 70 days in 2006 and 73 days in 2005, the data showed.
Alfa Developments, fullyowned by Bulgarian industrial group Alfa Finance Holding, has formally notified the Commission for the Protection of Competition CPC of its intention to acquire 75 per cent in property developer Landmark, Alfa Finance said in a statement on March 17. The proposed deal needs CPC approval to go through.The seller is Bridgecorp, owned by Landmark managers Richard McDonald and Tanya KossevaBoshova, who acquired the company last year for 210 million euro in the biggest resale transaction on the Bulgarian real estate market. Bridgecorps shareholders will continue to hold a 25 per cent stake. Alfa Developments is planning to expand the portfolio with new acquisitions of assets in Bulgaria and on the Balkans.