Cypriot entrepreneur invests 500 m euro in a new residential complex in Sofia

A Cypriot entrepreneur invests 500 million euros in a new residential complex in Sofia.

A Cypriot construction company will invest more than € 500 million in a new neighborhood in Sofia, near the village of Voluyak, the company said.

The Velocity project will be built on a land of nearly 140 hectares and is expected to be completed in about 8 years. So far, 55 million euros have been invested in it. The main developer of the project is the Bulgarian company Kadmos, which provides the land and investment for the design and construction of the infrastructure.

According to the Commercial Register, the main activity of the company is the construction of buildings and its manager is Theodoros Aristodemus. The sole owner of the capital is the Cyprus-based company Emity Designs Limited, which is part of Aristo Developers, one of the largest construction contractors in Cyprus and the largest private owner of properties on the island.

The company has over 30 years of experience in construction and real estate and has offices in Cyprus, Greece, the United Kingdom, Russia, China, Dubai and Vietnam.

So far, several companies have shown interest in participating in the Velocity project, Aristodemus said, without specifying further details.

Two-thirds of the residential area in the future residential complex will be made up of houses and the remaining one-third will be occupied by small apartment blocks. It will have access to a thermoelectric power plant, and industrial waste will not be disposed of but will be recycled and utilized, the company said.

The future neighborhood will have bike trails, a large number of parking spaces, green spaces and charging stations for electric vehicles, and the infrastructure will be designed to encourage people to use alternative travel methods.

In the base of the project is the construction of a modern elementary and secondary school, where it will be taught in Bulgarian and English languages. Kindergarten, a private school, health facilities, a commercial, cultural and sports center, office space for small and medium-sized enterprises will also be built.