Arco Vara AS’s wholly-owned subsidiary Arco Invest EOOD has obtained a permit for use for an apartment building containing 74 apartments in the Manastriski district in Sofia.
The Manastirski Livadi housing development project, which consists of 280 apartments and 36 commercial premises in a popular residential area in the Bulgarian capital Sofia and has an area of 36,000 gross square metres, is currently the largest project Arco Vara has ever independently developed.
The general contractor was Planex Build OOD of Bulgarian origin, financing was provided by Piraeus Bank Bulgaria AD of Greek origin, construction supervision was provided by Vector Management Bulgaria EOOD of UK origin, and technical supervision was provided by Dikril Consult EOOD of Bulgarian origin.
The newly completed building with its 74 apartments, 6 shops and 6 studios accounts for around 27% of the total project volume. An underground car park for the entire project was completed earlier. Construction of the building began in April 2011 and was completed on time and on confirmed budget.
Two thirds of the area available for sale is covered by pre-sale agreements and within the next two quarters the premises will be transferred to the buyers. Buyers include local individuals and companies.
Arco Vara believes that the project is a success from the point of view of both the company and the customers. This is proven by the high presale rate achieved, and the fact that most of the customers are the actual apartment users.
Member of the Management Board