City Park Residence - project in Sofia's centre
Thursday, 22 November 2007
ImageConstruction of City Park Residence is already underway, Orlin Vladikov, CEO of Orvitex Real Estate, announced at the project's ground-breaking ceremony, held on November 13. The complex, to be located in the central southwestern part of Sofia at the corner of Tzar Simeon St. and Zografski Manastir St., will comprise class A residential, office and retail and is expected to open in 24 months.

Tivon Properties, a subsidiary of Stern, a leading Israeli developer company, is the investor in the project; the architectural plan was elaborated by Atelier Serafimov Architects Ltd; Glavbolgarstroy Jsc is the contractor; United Bulgarian Bank will finance the enterprise; and Orvitex Ltd. is the manager and exclusive agent of City Park Residence.

The amount of the investment should come to 25 million euro (with the 5-decare-plot's purchase), and the total built-up area will be 30 000 sq m - 6 000 of which will be allocated to office space and 3 500 sq m to retail units. The complex will feature a 300-car, two-level underground parking lot and open-air parking places.

Residential units will sell at 1100-1200 euro a sq m, office areas will trade at 1500-1600 euro, and retail outlet prices will be negotiable, fluctuating between 2 000 and 3 000 euro a sq m. The project will offer various opportunities for deferred payment with different installment plans and will target middle-class clients.
 
The development is attractive with its transport communication and location in a park area close to the city centre. It borders one of Sofia's main thoroughfares, Todor Alexandrov, which is expected to grow as the capital's "finance hub" because of the concentration of bank offices along it. 

Stern company was founded in 1979 and today it is listed among the largest construction companies in Israel. City Park Residence is its first project in Bulgaria.

Last Updated ( Saturday, 21 November 2009 )
 
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