The Company will invest BGN 21.000.000 in its Project in the town of Sandanski
Sofia, September 30, 2007
The Board of the Directors of “FairPlay Properties” REIT today decided to start a new project in the town of Sandanski. The Company, famous for its investments in Sea and Mountain Holiday villages, will start a construction of a Residential Complex for the first time. The Complex will be situated on the entrance of the town of Sandanski in the countryside of “Sokoletz”. There is a wonderful view towards the southern part of The Pirin Mountain. The Complex is 165km. away from Sofia towards Greece on the international highway E 79 and Struma Highway. In addition, it is distances 125 km. from Thessaloniki.
Close to Sandanski is situated the countryside “Roupite” famous with the church “Sveta Petka” of the Bulgarian fortuneteller Vanga. It is also famous for its healthy mineral springs. Sandanski is one of the ancient balneological centers in Europe.
The Residential Complex will be “closed” type and will be built on a plot of 18 000 sq. m., owned by “FairPlay Properties” REIT. In four floor houses will be situated separate apartments. The complex will dispose of parking spaces, swimming pool, SPA Center, Sports Area and several Restaurants. Next to the complex will be built retail center, type MALL. The addicts of the winter sports will have the possibility to use the ski paths of Bansko that are 65km. from Sandanski.
“The clients are mainly foreigners, which are looking for a “second home” in Bulgaria. The high standard and the comfort that we offer are that matters when they make their investment decisions. For the time when they do not use their properties, they will have the possibility to sign agreement for aftersales services and management.” – said, the CEO of “FairPlay Properties”
The construction works for the Complex will start in the middle of 2008 and will finish in 2011. The forecasted from “FairPlay Properties” REIT investments amount to BGN 21.000.000, BGN 1.200.000 of which are already invested for the acquired plots. The Company will set up new water appliances that will be under a new road from the town of Sandanski to the Complex. The forecasts are for the tree year’s period sales that amount to BGN 32,000,000 to be realized. The planned net income from the project will be 40-50%. For the clients that would like to make a green field investment, the Company will offer this possibility in the middle of 2008.
From the other projects of the Company in Bansko and Sozopol, sales were made for BGN 35,800,000 as for the first 9 months of the year. The pofit for the period is BGN 7 900 000. About BGN 6,000,000 of which are subject to allocation as dividends between the shareholders
“FairPlay Properties” REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. The main shareholder in the Company is “FairPlay International” JSC with 66% quota in the capital. The other shareholders are Institutional Investors (9 Pension Funds, 15 Mutual Funds, and Investment Companies) over 200 physical persons and Legal Entities, small investors.
“FairPlay Properties” has an award from the Investor‘s Association for “The Best Corporate Governance of REIT`s 2006”