Invest in Bulgaria with BulFra

Dear Readers,

Bulfra moved to Lozenets the most prestigious area in Sofia.

We are pleased to let you know our NEW address and tel. number.

For contact mail to: office@bulfra.com

Call: 359 2 868 13 84

Best properties in Bulgaria.

Bulfra is a French-Bulgarian Builder and real estate agent.

We are established in Sofia since 1999.

See our main sites.

visit: www.bulfra.com

www.bulfra.net

or for French users:

www.bulfraimmo.com

Best Regards,

The Team Bulfra

SILVER is situated in the greater centre of Sofia, on the southern side of one of the most prestigious living quarters – Lozenetz, just opposite the South Park.The development is in close proximity to the US Embassy, the “Lozenetz” Hospital (also known as the government hospital), the Kempinski Hotel, several business centres, the SofiaLand amusement park and the Zoo. Silver City garden terraces offer magnificent views to Vitosha mountain. The great German traveller Otto von Rundshtet has written “The Vitosha for Sofia is as the Vesuvius for Naples.”Beautiful and green in summer and snow covered in winter with skiing facilities and slopes just 15 min drive from Silver City. North from Silver , across the road, is the South Park, a favourite place of Sofia residents for leisure. The National Hall of Culture (convention centre) is in the same direction, just 5-7min drive.The area has no industrial production. Centrally located and yet a lot of nature around – that’s Silver !

FACILITIES

Private garden -The whole internal yard of 3000 sq.m. is a private garden, with beautiful landscaping of greenery, flowers, rocks, alleys and patios and benches. Children can freely play around while the parents are reading papers, books or just chatting over a drink in the coffee bar.
Barbeque - One barbeque corner will be available for residents use in the garden, roofed, with tables and chairs next to the grill, for your party or family gatherings, or just to associate with neighbours.
Swimming pool - Indoor heated pool, situated in Block 6, with plenty of sun-beds to lie around or, in summertime, when the pool is open to the garden, to enjoy the sun outside on the green grass and be served a drink from the pool-bar.
Fitness centre - ituated next to the swimming pool with modern equipment to exercise, stretch, walk, pedal, weight-lift and sweat on your own, or under the guidance of a qualified instructor. The fitness centre will feature male/female changing areas with lockers, sauna, steam bath, jaccuzzi area, two massage parlours and showers/WC areas.
Coffee Shop/Snack bar - Just above the fitness centre, on the second floor of block 6, with comfortable furniture to relax in, to enjoy a drink over a chat with your neighbours or guests, or to have your coffee while reading today’s paper, a book from the library corner, or to watch sports on a large screen TV, cold beer in hand. The coffee shop will have a view to the swimming pool area over the glass roof. This will be the place to socialize with your neighbours, meet guests or business partners and will become “the communal living room”.
Family Party Room -Birthday parties or anniversaries sometimes collect 20-30 guests. Book with Silver manager the special room within the coffee shop area. The family party room will be provided with a fully equipped kitchen and can be configured for up to 30 seated guests, or for larger cocktail parties, with all the dining-ware and cutlery available. The manager will introduce you to a choice of catering companies, or arrange the catering on your behalf. Needless to say, the family party room will have audio-video equipment for your guests’ entertainment. A DJ can also be arranged.
Mini Golf - Yes, that’s right! Make your way to the roof of Block 6, above the coffee shop, and you will find the mini golf area with a beautiful view to the Vitosha mountain. Equipment will be available, as well as a changing area and some tables for drinks ordered from the coffee shop. Just enjoy a chat and have a drink with your friend, moving from hole to hole, after a hard day’s work or during weekends.
Chess Ground - Situated in the garden with each side several meters long and big pawns - to play at leisure with a friend-resident or guest. Residents will watch from their terraces and give you hints and advices.
Beauty Saloon - The beauty saloon on the ground floor of Block 6 will be accessible from both outside and inside the compound. It will feature gentlemen and ladies areas, offering an array of beauty services in combination with the swimming pool/fitness centre facilities.
Children Care Facility - This is the facility where parents living in Silver will be able to leave their children for the evening under qualified supervisor care while they go out to theatre, dinner or party. Children will enjoy different games, watch movies and eat the food their parents prepared or ordered from the coffee shop. The children care rooms are situated on the ground floor of Sec.5, next to the security entrance and are designed to bar any access outside the compound. The private garden will be at the children disposal, weather permitting.
Medical Centre - Silver will feature a GP doctor’s office in the compound, accessible from outside as well. The qualified doctor and nurse will service owners and tenants with priority. Bulgarian owners with NHIF health insurances will enjoy all the benefits of their insurance, while foreigners will have to pay for treatment or consultations.
Parking - All apartments are for sale with one garage each. All garages are in the two levels underground, accessible from ramps with digital card operated barriers. Garages are lifting door-equipped and can be used as storage areas as well. Additionally there are garages for sale as second garage and free areas will be provided for guest vehicles. Security cameras will be fitted for entrance/exit controls, as well as fire alarm system.
Reception - Silver is a gated development and has only one entrance for visitors on foot – in Sec.6. While owners and tenants will have their keys to the front doors of their respective buildings, visitors will be met by the reception duty manager and after notifying the hosts, they will be allowed in the compound. A cosy waiting area will be at visitors’ disposal if they have to wait for their hosts.
Mini Market - The 24h Mini Market will be on the outside of the compound and will have all the basic foodstuffs and drugstore goods for your easy purchasing.

FREE SERVICES

Security- Silver is a gated living compound and will have 24-hour manned professional security with visual equipment control. The security office will be situated next to the reception area. Cameras in the underground areas, all facilities and floors will provide for the security of all residents and their property. The security staff will react first to any potential hazards, intruders, trouble-makers and will look after the normal, convenient and quiet life of all in the compound.
Cleaning- of the common areas – staircases, lifts, parking areas
Gardening - will also be provided within the maintenance fee.
Administration - The administration will manage all utility billings, repair and maintenance crew and will help owners to organize any services they need.
Reception - will be responsible for guests/visitors welcoming, postal handling, including free delivery of morning papers to apartment doors of subscribed residents.
Maintenance - of all common installations – lifts, entrance doors, heating/air-conditioning plants, swimming pool, gym and fitness area, parking areas, security and fire alarm systems, etc.

PAID SERVICES
Video-On-Demand (VoD) service will be available through the CABLE TV operator whereby residents can call and receive on their TV the film they have selected to view at any time. The cable TV will be subscription based, whereas the VoD is a pay-per-view service.
Internet will be available throughout the compound and will be subscription based.
Apartment Cleaning and Laundry will be provided to those who rent out their properties or to residents willing to use this service.
Private Gardening for the plants on your terrace and inside the property can be ordered through the manager in your absence.
Drive-Me-Home service- Well, it happens sometimes that you do not want to risk driving home from a party or restaurant. Call the duty manager and he will come with a Silver car and driver to collect your car and drive you safely home. Next morning your car will be in your garage waiting for you. A fee will be charged for this service on per km basis.
Medical Consulations will be available with priority to Silver residents. The GP office on the outside of the compound will also take care of patients at home if a medication or treatment application needs a qualified nurse.
Children Care will be available on a per hour basis fee in the special in-house facility. Qualified personnel will take care of your child should you wish to go out in the evening.
Secretarial Services will be provided in the administration area – copy service, fax, messaging, typing, letter, parcel deliveries, etc. Internet will be available there for residents without a home computer.
Residents Service Desk - The residents service desk will arrange flight reservations, restaurant, sports and theatre bookings, catering provision, dry cleaning and laundry.
Airport Pick-UPS AND TRANSPORTATION by Silver car will be provided for residents travelling abroad for a nominal fee.
Late Night Food and Drinks Delivery can be ordered with reception and the night manager will bring the requested items to your doorstep. A small fee will be charged over the shop bill for this.

BUILDING
Silver will be built using modern technologies and high quality materials with no compromise in finishing quality.
- Construction type: monolithic
- Structure: reinforced concrete frame
- Structural height between floors: 2.95m
- Clearance height in apartments: 2.65m min
- Roofs: flat, hydro-insulated
- Facade walls: ventilated thermo-facade, frost-moisture- and UV-resistant, combination of composite aluminium panels “bond” type+ wood effect composite material, thermo-insulation with mineral felt
- Side/Inner walls: thermo-insulating tiles, textile mesh, finishing structural paint
- Stairs and landings: fully finished, tiled

Finishing Works
- Walls: Bricks/composite ceramic blocks; inner walls 10/25cm, plastered/drywall finish with white latex paint; outer walls 25cm, thermo-insulated; edges protected by built-in metal strips;
- Ceilings: Living areas – plastered, white latex painted; sanitary areas, entry areas, wet areas – false ceiling 9mm plasterboard, hydrophobic; kitchen areas – false ceiling according architectural design;
- Floors: All floors are noise protection elevated execution. Living areas – massive wood, high class ware-resistant; entry areas, kitchen, bathrooms/WC, laundry areas – tiled; terraces – tiled in non-green areas; common areas (stairs, landings, lobby) – granite tiles;
- Windows: Multi-chamber aluminium frames with thermal bridge, sealed glass pack, aluminium/chestnut effect colour; built-in louvers, chestnut colour; outer sill – aluminium, inner sill wood, design detail;
- Doors: Front doors – secure, 4-way locking, dark wood effect; interior doors – MDF-wood door and jambs, dark/light wood effect; lobby and landings doors – aluminium, smoke-blocking;
- Bathrooms/WC:fully finished: Floors terracotta tiled, walls matching tiles; toilettes/bidet installed, tub/shower cabin installed, taps, fittings installed; cupboard with mirror and sink installed; lights in place;
- Terraces: fully finished: Hydro and thermo-insulating system; frost-resistant tiles in non-green areas; Green area – special XPS thermo-insulation, root-resistant hydro-insulation, felt, geo-textile; soil layer for intensive plant growing; balustrade railings according design detail;
- Electrical: Electricity switches, plugs, sockets and lamps installed in apartments and garden-terrace; switches and lights installed in common areas and garden.

INSTALLATIONS

- Lifts: OTIS original French made; EU standards compliant; safety features, incl. “get down &door open” in case of incident or power cut; engine in basement;
- Heating/Air-conditioning: Central heating and air-conditioning, individually metered, controlled and billed. The heating system is based on natural gas, which is the cheapest energy source. Air-conditioning allows for each room climate control.
-Water/Sewage system: All piping PVC/PE tubes, noise insulated; uninterruptible water supply through emergency hydro-system; central hot water system, individually metered and billed.
- Communications: Cable TV with video-on-demand possibilities in each room; ISDN internet in apartments; telephone outlets in rooms;
- Security system: Manned 24 hour security; video cameras; video-phone gate unlocking system for letting visitors in each block.
- Fire-alarm system: Press-button system in landing area, connected with security; automatic fire-detection and alarm system in underground garage areas.
- Garages: Located underground in levels -2 and -1; size 18+ sq.m., each garage with up-sliding door, remote operation optional; metal net/brick walls between garages; ventilated area; accessible through ramps and security card barriers; lifts to/from apartments.

Copletion date DATES DE LIVRAISON- December 2008.

PAYMENT PLAN:
3000 euro - reservation fee
30% of property price – first installment – at the time of signing the preliminary contract;
40% of property price – second installment – 3 months later;
30% of property price – last installment – at transferring the ownership of the property.

Maintenance fee - 8 EUR per square metre yearly ( Vat is not included).

CONTACT: office@bulfra.com

British real estate consultant names Bulgaria world's strongest property market

14:17 Fri 01 Feb 2008 - Alex Bivol

Bulgaria was the world's strongest property market in 2007 with an estimated turnover of 11.36 billion euro, an increase of 2.36 billion euro over the previous year, British property investment company Obelisk said on February 1.

The previous lack of modern apartments, retail, and administrative buildings, as well as growing investment in tourism, production, and the need for modern infrastructure caused the construction boom.

Construction sector growth is expected to be between 12% and 16% year on year until 2010, Obelisk said in a statement.

The huge property price rise has been largely attributed to a good mortgage market, high annual revenue of properties and the weak impact of the global credit crunch on Bulgaria, since there is virtually no cross-border banking in the country.

Britons accounted for 40% of all Bulgaria property investment in 2007, followed closely by Russians with 38%, and “played a primary role in maintaining excellent market conditions (…) and adding to the robust appeal for Bulgaria property investment,” Obelisk said.

Bulgaria's decision to slash taxes to a flat 10% starting from this year makes the country a very tax efficient place to relocate or invest in, according to Obelisk, while budget airlines' plans to increase the frequency of their flights would make traveling to and inside the country easier.

“Despite such rapid price growth, Bulgarian property investment remains very competitive and highly profitable in comparison with other European markets, giving the country a long-term profitable investment edge,” the British firm said.

CONTACT US AT: office@bulfra.com
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We are a team of young motivated real estate advisers.
BulFra the real pro of estates.

Tel: 359 2 858 18 60

The Bulgarian real estate market has expanded significantly in the past few years. This growth resulted from various factors like the maintenance of a steady economic growth rate, financial stability, higher solvency capability and fewer conditions for obtaining bank loans.

Despite the high growth, experts consider the real estate sector to be still developing. At the same time, even if the property price in a certain region to be higher than the average, this does not indicate companies investing in the region will realise smaller profit.

Main risks and barriers related to real estate market participation:
· Expenditure related to transferring property rights- notarial, municipal taxes
· Long acquisition period
· Risk of acquisition of property with quality different from that agreed on
· The withholding of a large amount of resources for a long period of time. This usually provides difficulty for smaller investors, in possession of limited financial resource.
· Low liquidity of the investment
· Lack of control over executors and intermediaries, which leads to asymmetry in the information flow
· Significant initial investment needed, which limits the number of small companies getting involved

Main factors related to the development of the real estate market:
· Development and potential of the mortgage loans market in the country, as well as significant credit provision from local and trade banks. Despite this development the share of mortgage loans remains below 10 per cent, with a 20 per cent average in other countries. Nearly a third of all real estate acquisitions occurred through bank funding
· The acceptance of a law on special investment trusts, which stimulates investment in real estate and attracts foreign investors
· Bulgaria’s expected EU membership after 2007
· A constant growth rate of 10 per cent in the tourism sector
· Increase in direct foreign investment
· Decrease of corporate income taxation from 19.5 to 15 per cent, which increases the investment return norm in the real sector of the economy
· Maintenance of macroeconomic stability and GDP growth rate. This is growing annually between 4.5 and six per cent. The unemployment rate decreases at the same time
· Regulations, encouraging foreign investment
· Low currency risk, determined by the currency board in the country

Main risks to the development of the market:
· Limitations foreigners face in attempting to purchase property
· Poorly developed infrastructure in some regions
· High dependence on the ability of tenants to pay
· Limited solvency capability

Real estate investment trusts
The creation of real estate investment trusts (REITs) and the regulations related to their activities came through the fast development of the Bulgarian property market in recent years.

Data for the past years shows prices of housing and office property, as well as of plots constantly increase. This development comes together with an increased interest from foreign investors. Most of them prefer opportunities in bigger cities, mountain and seaside resorts, where the number of new buildings increases constantly.

This positive tendency results mainly from Bulgaria’s expected EU membership. A tendency for income increase in the country also features among the reasons for higher foreign interest. In addition, the harmonisation of Bulgarian law with European standards facilitates the conclusion of real estate deals.

One of the market characteristics is for construction companies to be investors at the same time. Most companies accumulate the capital needed for construction through direct contact with property buyers, which makes fund provision for new constructions difficult.

To stimulate the property market, Bulgarian administration approved a new law on special investment vehicles. The law came into force at the end of May 2003 and its main aim is to regulate activities related to real estate acquisitions and interactions of companies with special investment aims.

These regulations have to become the needed market mechanism differentiating real estate investment trusts from construction companies. In this manner REITs will become one of the most effective channels for long-term fund provision through the emission of shares in accordance with the new special investment vehicle regulations. The funding price is expected to be lower, compared to the price of capital of construction companies. Such developments will increase the benefits for shareholders.

Trusts emit obligations and shares and invest the financial resources in property developments. Their activities include property purchase, construction, property renovation, management, renting, leasing and further investment.

Bulgarian REITs cannot manage directly the acquired property. They have to transfer responsibility to one or more managing companies. Seventeen such companies operate in Bulgaria currently.

For more information: Contact BULFRA REAL ESTATE SOFIA

Mail to : office@bulfra.com

Legal advice on buying a Bulgarian property

Legal and Property Taxes

Bulgaria is a politically stable country, and the introduction of a currency board in 1997 stabilized the country's economy. However, as is the case elsewhere in Central and Eastern Europe, legislation, including that governing real estate, is volatile and subject to frequent change.

A foreign investor can invest in properties in Bulgaria either directly or through a local entity. Only Bulgarian-resident individuals and entities can acquire title to land, while non-residents may acquire only buildings and limited rights (e.g., leasehold and construction rights) to land. In some limited cases, acquisition of immovable property by non-residents requires prior permission of the Ministry of Finance.

Foreign investors are guaranteed full repatriation of profits resulting from an investment in Bulgaria. The transfer abroad can be made only after the bank effecting the transfer is presented a certificate proving payment of all Bulgarian taxes due.

Bulgaria has one of the most liberal foreign investment laws in the region. Foreign investment typically assumes one of the following forms: establishing a joint venture with existing companies, state-owned or private; acquiring a company through privatization; setting up a new (green field) venture; or making a portfolio investment. Portfolio investment has been minimal given the relative lack of development and inefficiencies of the capital markets.

The most common type of organization for foreign investors is a limited liability company. Other forms are companies limited by shares (joint stock companies), joint enterprises, business associations, general partnerships, limited partnerships, and sole proprietorships.
The law does not limit the extent or amount of foreign participation in companies. Foreign companies have the right to open deposit accounts in hard currency and Bulgarian leva.

Property Taxes:

Transfer taxes
The transfer is subject to notary and municipal fees. The notary fees are paid on the higher of the market price or the book value of the property at varying rates, specified in a special chart. In addition, 2% of the market value of the property is paid to the municipality where the real property is located.

Value Added Tax
Transactions with land and lease of property for residential purposes are exempt from Value Added Tax (VAT). All other real estate transactions are subject to VAT at the uniform rate of 20%. The buyer/lessee is entitled to a VAT refund, provided that it is registered for VAT purposes.

For more information contact: office@bulfra.com
BulFra The Real Pro. in real estate

Master plan Bulgaria's capital changes
09:00 Mon 22 Oct 2007 - Elitsa Grancharova

At its final meeting before the October 28 municipal elections signal the end of its term of office, Sofia City Council approved changes to the city’s master plan.

The changes are subject to approval by the Government.

The amendments include setting out 10 new business industrial zones and five regions for residential buildings.

Sofia chief architect Petur Dikov’s proposals include shutting down Kremikovtzi, the steel plant controversial for its emissions, and building of new residential districts in the northern and north-western city areas, and new business buildings, as well as a new cemetery. Extension of the metro is also planned, as well as moving the Central Prison out of the city. About 3000 sq m are to be excised from South Park (Yuzhen Park) to make way for a large sports hall.

The amendments are to be forwarded to the Cabinet. If approved, it is possible that the changes will come into effect in March 2008, Bulgarian-language Netinfo.bg reported on October 10. Parliament approved the Sofia Master Plan Bill in 2006.

The main area of land that the municipality wants to use for the so-called “long-term mixed multifunctional zone” are the 1000 hectares currently occupied by Kremikovtzi.

City councillors said that the idea was to give opportunity and stimulus to shut down metallurgic production within the municipal area. There are plans for a satellite city but construction would go ahead only if the steel producer were shut down for not following its environmental obligations. This will become clear at the end of October, when the Ministry of Environment and Water Affairs is expected to decide on the case.

A possible change to the status of the land now used by Kremikovtzi would be a stimulus for business and residential building in the area. Similar changes are planned for a separate 350 ha. However, to avoid speculation, Dikov said public hearings and a referendum should be held on these projects.

The extended metro line would also go to Kremikovtzi, along a route via Sofia Airport.

Other proposals anticipate new functions for five zones in the inner city area, adding up to about 350 ha in all. Currently, there are a number of buildings and storehouses in the area that are disused, old and partly destroyed. In the northern industrial zone there are plans for residential buildings to cover about 100 ha, in the industrial zones Orion and Zaharna Fabrika, 80 ha each, in the Sredets zone 100 ha, Hladilnika zone, 50 ha and zone Izgrev 20 ha.

Changes are planned for 60ha in the Vitosha area, currently occupied by the Defence Ministry. There, and on 16 ha in the Hladilnika zone, there are plans for residential buildings for the local and central administration.

Furthermore, logistic centres would be constructed over 1350 ha of agricultural land next to the beginning of Trakiya Highway in the northern part of Sofia, on the Botevgradsho Chausse, Hemus Highway, Evropa Boulevard and the northern part of Sofia's ring road.

Other residential buildings are planned to appear near the villages of German, Lozen, Bistritsa, Voinyagovtsi, Lokorsko, Bankya and Vladaya. In addition, Sofia City Prison would be moved out of the city, while, according to the city councillors, its current building could be used for a tourist attraction or a museum, and business centres and shops will be built in the neighbourhood. A new cemetery is planned south of Kazichene, over 100 ha.

There are also huge projects around Iskur lake, recently called “water park Iskur”, where new sports zones would be added. At the city council meeting, some dispute arose over the former Sofia Land amusement park. The changes of the Master Plan foresee construction of a new transport connection and a new street to pass through the park.

The city councillors also approved the construction of a skyscraper and a shopping mall in Zaharna Fabrika neighbourhood. Opposite to the entrance of the West Park (Zapaden Park) a 35-storey building with a big commercial centre is envisaged. The project developers are Eurocapital Finance and Imoti Trade 2005, Bulgarian-language Banker reported.

The skyscraper would be constructed on 19 000 sq m private property at the corner of Slivnitsa Boulevard and Koukoush Street. The investors requested the city to give them the right to include in their project the neighbouring municipal land, which currently are green areas. In exchange they promised to finance the planting of about 3000 to 4000 new trees, as well as the construction of a 110m bridge, connecting the skyscraper with the park entrance. They said they would finance the bridge with their own money. A decision on this proposal has been postponed for the time being.

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The alternative to buy in Sofia

The future centre will have a gross actual area of 240 000 sq m, 14 000 of which will be allocated to the mall. It will encompass six levels, three of which will be underground parking lots and garages.France's Carrefour, the world's second largest retail giant, announced the launch of its first Bulgarian projects at a news conference held on November 5. Colliers International property consultants hold the exclusive agency rights of the project and Greece's TERNA will carry out the construction of the complex. The overall investment is estimated at 200 million euro. This is the largest mall project currently being developed on the Balkans. It is due to open in mid-2009.

The future centre will have a gross actual area of 240 000 sq m, 14 000 of which will be allocated to the mall. It will encompass six levels, three of which will be underground parking lots and garages. The ground and first floor will house retail outlets and the third level is planned as a zone for leisure and entertainment. The complex will shelter 200 retail outlets and its gross leasable are is calculated at 66 000 sq m. There will be office buildings adjacent to the establishment.

The company will open 20 hypermarkets in different Bulgarian towns in the upcoming five- to seven-year period. The first one will open in Bourgas at the close of 2008. The next compounds are projected in Sofia, Varna, Plovdiv, Stara Zagora, and Rousse. The capital alone will have at least two outlets.

"Our goal is to introduce our know-how to Bulgaria, to create new jobs and establish long-term cooperation with a number of Bulgfarian suppliers," Jerome Loubere, general manager of Carrefour Marinopoulos, the Greek subsidiary of the French group, said in a media statement. He assured the public that work was progressing in line with the schedule.

Carrefour has signed agreements for the purchase of sites or the lease of retail space with six to seven companies, said Carrefour Bulgaria general manager Jean Anthonie. About 60 per cent of the leasable space of Carrefour Tsarigradsko Centre has already been let out, said Atanas Garov, managing director of Colliers International.

Garov mentioned that they were conducting negotiations with some of the leading Bulgarian brands, withholding further information on the tenants. He promised to release details when they achieved at least 80 per cent occupancy. Talk is that Carrefour has struck a deal with Inditex, the Spanish retail group, whose portfolio includes brands like Zara, Bershka, and Massimo Dutti.

The units in the development will rent above the average country levels but, according to Colliers, taking into consideration the scale of the project, which is logical. The average retail rentals in Bulgaria vary between 16 and 25 euro/sq m; the price range in Sofia runs from 20 to 26 euro/sq m; and Carrefour tenants, leasing more than 1 000 sq m, will also pay about 20 to 26 euro/sq m. The rest will rent at 30 to 50 euro.

Sources from the local property market say that Carrefour has taken steps towards securing a lease in the Mall Bulgaria development currently under construction on Sofia's Bulgaria Boulevard.

Carrefour Tsarigradsko would generate an annual turnover of 20 to 50 million euro in 2009, in the French retailer's estimates. For comparison, the eight local hypermarkets of Metro Cash&Carry, the German chain of self-service wholesale warehouses, posted sales of over 700 million leva in 2006. The French giant realises more than 12 billion euro in sales revenue in the Balkan region alone. The front-runners in the area are Greece and Cyprus, where Carrefour is retail chain number one. Carrefour plans to inaugurate more than 30 commercial centres over the upcoming two years. (Source: expert.bg, Dnevnik)

To invest in Bulgaria contact BulFra real Estate Sofia
write : office@bulfra.com

An internationally avowed golf course could render as much as 10 per cent rise to the GDP. "If we assume the optimistic stance and things run smoothly, in April 2009 we will play golf in Kuttina," Sanchez concluded. The Spanish Ferry Group announced the official start of its Kuttina Golf Resort on November 8 at a news conference held just one day after the company received the building permit to initiate construction. The groundbreaking ceremony will hopefully take place in the middle of December, but the actual building works will start in March or April of next year since winters in Bulgaria do not favour construction.

Company president Manuel Ferry Sanchez's two projects in the country, Kuttina Golf Resort and Green Energy (for biomass production), were awarded first-class investment certificates by the Bulgarian Investment Agency (BIA) and have recently been accredited as sustainable development projects by both the Assembly of European Regions and the European Commission. They were the first developments in Bulgaria to receive such a high international evaluation.

Kuttina Golf Resort, the pilot project, located in the northern areas of Sofia Municipality, is emerging as a significant part of the municipality's plan for developing that area of the capital. It will rehabilitate an ex-coal mine into an environmentally-friendly project, boosting the region's landscape, natural environment, and infrastructure, Sofia's chief architect, Petar Dikov, told reporters at the press conference. This project, along with some others in the pipeline, will enhance the prestige of northern Sofia and, in a few years, might even outperform the more developed south, Dikov added.

Kuttina, planned as an urban development with low construction density, will spread on a plot of about 1 700 000 sq m. The residential buildings will occupy a gross actual area of 610 000 sq m. After it is finished, the project will create more than 600 permanent jobs. The complex will use only 20 to 30 per cent traditional energy, the remaining 70 to 80 per cent will be provided by biomass and solar energy. It will have its own waste-water purification plant, which will treat the refuse waters of the compound and the neighbouring villages, Kuttina and Kurilo, and will be reutilised for irrigating the golf course.

Currently, Ferry Group is working on a detailed construction project to be completed soon. MPM Project and BGI Projects are the Bulgarian companies involved in realising the plan. The manager of the design team is Manuel Ferry Louis, Manuel Ferry Sanchez's son, who has already invited a tender to choose a builder. There are eight to 10 solicitations already, among which are the three to four largest Bulgarian building companies, Sanchez told reporters. The confidential terms of the contracts with candidates did not allow them to disclose their identities.

The project plans for the Kuttina Golf Resort golf course is finished and follow the best international standards of Saint Andrews and P.G.A (Professional Golf Association) suited to host international events. An internationally avowed golf course could render as much as 10 per cent rise to the GDP. "If we assume the optimistic stance and things run smoothly, in April 2009 we will play golf in Kuttina," Sanchez concluded.

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The Real estates professional in Bulgaria: BulFra Real estate Ltd.

Manuel Ferry Sanchez

What are the perspectives of the golf complexes being developed in the region, where the suitable locations are and how many such facilities can Bulgarian market “accommodate” – Manuel Ferry Sanchez, President of the Spanish “Ferry Group” who have created and patented the “Pay & Play” development concept, talks about in the interview. You will also find out: what are the Pros & Cons of employing a world’s renowned designer when planning the golf courses, how long will it take Bulgaria to become a golf destination and more about future plans of Ferry Group.

By BulFra

office@bulfra.com