New Luxury Real Estate Construction In Sofia To Begin In 2010

Plana Properties are set to launch the construction of the modern Apollona Houses complex, consisting of 10 luxury homes in an enclosed parcel, while Austrian Immorent is set to erect 15 condos featuring 200 flats in Simeonovo.

Both projects are worth about 38 million euro, Dnevnik daily reported on November 22 2009. The single family homes, ranging from 560 to 980 sq m in area, will be built in "classical style", and every house will be equipped with its own garden and an outdoor swimming pool, the report says. The luxury "village" will be in the Sofia borough of Kambanite. Investment in the project is said to total about eight million euro.

Works on the Apollona Hauses village are scheduled to be launched in spring 2010. The company said in a media statement that two of the luxury homes were already sold while two others are pending sale, prior to construction. Plana Properties real estate is owned by Yassen Vassilev, owner of the sports retail chain Sport Depot and also one of the importers of Lada vehicles in Bulgaria.

Meanwhile, a larger construction is poised in the elite borough of Simeonovo by Vitosha Mountain above the Sofia ring road, where the Austrian company Immorent is contemplating building a total of 200 flats in 15 buildings type planned unit developments (PUDs).

The total investment in Simeonovo is estimated to be about 30 million euro, while construction will start at the beginning of 2010. Immorent has invested in projects in Austria, Slovakia, Hungary, Bulgaria, Poland, Romania and the Czech Republic.