Israeli Electra kicks off residential project in Varna
31 March 2008
Electra Group, an Israeli company active in real estate development, investment in income-producing properties, construction, electro-mechanical systems and infrastructure, has started work on Botanic VIP Residence, a gated residential community in Varna.
The scheme, in immediate proximity to the Varna botanical gardens, will have a footprint of 1.2 ha and will comprise seven buildings with a total of 216 apartments.
According to the Israeli media, Electra paid EUR 4.56 million for the land plot in 2006. Three of the apartment blocks will be completed in 2008. Off-plan prices start at 1,350-1,500 euro/sq m. The company estimates EUR 80 million in upcoming proceeds from the apartment sales.
The Electra pipeline includes a further three projects in the Varna area: an office building and a mixed-use scheme in the coastal city and a 53 ha residential community in the vicinity of area village Kalimantsi.