€50m boost for ‘voracious varna‘

A huge new development in Varna could have immense investment possibilities…

Orchid Developments, a real estate developer operating in Bulgaria, will invest a total 50 million euro to build its Orchid Gardens Varna mixed-use project.

According to Propertywise, the 16-storey building will feature office and retail space on the first six floors, topped by 10 floors of apartments. The total built-up area of the development is projected at just under 42 450 sq m. The building will also have a three-level underground parking lot, restaurants, an indoor swimming pool and a spa Centre.

The developer's chief executive Ofer Miretzki said: “The residential area will have 107 apartments, and although sales have not begun yet, starting prices will be 1700 euro a sq m. Orchid Developments expects to pick a contractor for the project within two weeks and construction will be completed in 2010.

“Varna features heavily in Orchid's plans, with construction on Grand Mall Varna already under way and several office space projects in the pipeline”