Orchid Developments To Pour 50m Euro In Varna Residential Project

Orchid Developments, a real estate developer operating in Bulgaria, will invest a total 50 million euro to build its Orchid Gardens Varna mixed-use project, investor.bg reported on April 8.

The 16-storey building will feature office and retail space on the first six storeys, topped by 10 storeys of apartments. The total built-up area of the development is projected at just under 42 450 sq m. The building will also have a three-level underground parking lot, restaurants, an indoor swimming pool and a spa centre.

The residential area will have 107 apartments, the developer's chief executive Ofer Miretzki said. Although sales have not begun yet, starting prices will be 1700 euro a sq m, he added.

Orchid Developments expects to pick a contractor for the project within two weeks and construction will be completed in 2010, Miretzki said.

Varna features heavily in Orchid's plans, with construction on its Grand Mall Varna already under way and several office space projects in the pipeline, he said.propertywisebulgaria.com