Evridika Hills off-plan units sold off
24 January 2008
Bulgarian Land Development, a residential and commercial development company, announced that it has sold all units at the Evridika Hills development in Pamporovo ski resort.
BLD acquired 37 units at the Evridika Hills holiday complex, all of which have now been sold, ahead of initial expectations, the company said. Building work was completed at the end of 2007. The equity invested by BLD was 534,000 Euro while gross sale proceeds amounted to 1.8 million Euro (excluding VAT).
The sale of all of the units has generated a realised gross profit for BLD (after sharing the uplift with the developer) of 44% on the equity invested.
The 37 units at Evridika Hills are part of the 149 apartments, the off-plan sale of which BLD contracted to underwrite in October 2006. These 149 apartments are comprised within three complexes developed by a local developer: Paradise View holiday complex in Sozopol, the Bansko ski resort and Evridika Hills in Pamporovo.
At the Paradise View holiday complex in Sozopol, at the southern end of the Burgas Bay, BLD has underwritten the sale of 32 units at 1.05 million Euro.
Contracts for sale were exchanged in relation to all of these units by October 2007, ahead of initial expectations. Gross sales proceeds will be 1.5 million Euro, generating a gross profit for BLD (after sharing the uplift with the developer) of 85% on the 161,000 Euro of equity invested.
Building work and sales contracts are due to be completed by the end of 2008, at which point these profits will be incorporated into the company’s financial statements.
At the Bansko ski resort, BLD acquired 80 apartments at a cost of 3.9 million Euro; contracts for sale have been exchanged in relation to 74 units (93%). Building work and these sales are due to be completed by the end of 2008.
With the Evridika Hills sale completed, 143 units (96 per cent.) of the company’s first off-plan acquisition have already been the subject of exchanged contracts or sold.
Sales of the 200 units acquired in a second off-plan deal in June 2007 are also going well, said BLD, with 50% of the apartments already having been the subject of exchanged contracts or reservations.