Estonian real estate developer Arco Vara said on Thursday that it expects to begin next year the construction of 24 family houses at its ongoing Botanica Lozen residential project near the Bulgarian capital Sofia.
Arco Vara is in the process of designing the next phase of the project, with sales contracts already agreed for two out of the initial 16 houses whose construction is underway, the company said in an interim financial statement.
Botanica Lozen will comprise 54 single-family homes, with the project estimated to last at least two years. In October, Arco Vara contracted the local unit of Austria’s Strabag to build the first stage of the project.
Arco Vara also said that in July it finalised the sale of its first Bulgarian development, the Madrid BLVD mixed-use building erected in 2010. The transaction, agreed in November, released equity capital of 4.1 million euro ($4.6 million), the company added. As much as 4.9 million euro were repaid to the bank that financed the activities of Madrid BLVD.
“With the released capital, we plan to increase the development volumes of Arco Vara with new plots in the second half of the year and deliver about 65 new homes at Kodulahe [residential development in Estonia] in Q4,” the company said.
The Lozen development was relaunched in 2021 after being frozen due to the coronavirus pandemic. The company decided to modify its form to family houses from the initially planned apartment complex.
Source : Seenews
