GOLF COAST

GOLF COAST- Project description

I. Location

The complex is located 6 km North from the town and harbour of Balchik and 45 km away from the Varna International Airport, on the very water edge. The Romanian Border is only 40 km away which benefits the complex with the unique advantage of having an easy and fast access to both Bulgarian and Romanian tourist market estimated to be one of the fastest growing in the region.

The complex has been situated on the peak of the spectacular St. George peninsular famous with its highly mineralized healing mud and hot mineral springs. The two (18 hole) golf courses, which are planned to be within walking distance from the complex, gave name to the project (Golf Coast). Small marina and two vast beaches are also in 500 m distance from the site. A hot mineral spring is actually in the plot and will feed up the pool with hot mineral water all year round.

Upon the same peninsular 6 other complexes have been already developed. The area is recognized for one of the fastest growing and developing regions in the country. The price of the land in the area is constantly rising reaching 200 Euro per sq.m. starting from as low as 20 Euro for the same land some 4 years ago.

II. Description

The complex comprises of 3 separate houses (3 floors with 180 sq.m. for each house, all independent units), 2 panoramic maisonettes and  18 sea view apartments with various sizes (from as low as 70 sq,m, to the spacious 170 sq.m.). Project will be executed according to all State Building standards and regulations, as all the documents will be published and announced. The amenities and residents facilities will be as follows:

Ø     Huge swimming pool- 14 x 7x 1.6 meters, equipped with contemporary purifying system, lightings, tiles;

Ø     Spa- mineral water hydro jet system;

Ø     Pool bar- 4x4 meters;

Ø     Sun deck with sun beds tiled with granite;

Ø     Winter garden on the top floor (40 sq.m.)- palm trees and some other exotic fauna will be provided;

Ø     Reception and lobby- furnished with sofas, arm chairs, tables, pool table etc;

Ø     Lobby snack bar;

Ø     24h on site security- video surveillance and face control;

Ø     house keeping- upon small local charge;

Ø     Local transport- mini van at residents disposal;

Ø     Gardens and park area- all trimmed with grass, bushes, flowers etc.

All units will be luxury completed with:

-         contemporary bathroom fittings;

-          high quality tiles in kitchens, bathrooms and hallways;

-          wooden floors for the bedrooms;

-         PVC double glazed panoramic windows;

-         MDF doors with locks;

-         Hydro and thermo insulation;

-         Plastered and painted walls;

-         Contemporary glass-metal railings for terraces;

-         Completed electricity and sewerage systems;

-         Telephone line, cable TV in all units

Apart from individual investor, this property of 3 houses, 20 sea view apartments is especially appropriate for a medium size company which would like to expand its portfolio or just to invest in real estates in the fast growing country of Bulgaria. Incentives for the company employees would be exceptionally applicable, as the complex provides holiday leisure, active recreation (golf, fishing, hunting, water sports available on spot) and adventure tourism (plenty of cultural and archeological sites in the area).

Completion date 30.07.2006

Total footage – GFA (Gross Floor Area) 2 865 sq.m.

Total footage of the construction plot- 3000 sq.m.

III. Terms of Payment

See attached price list for units costs. Terms of payment are as follows:

1.     Down payment 20% upon preliminary contract

2.     Forty 40 % upon mainframe completion (roughly 01.01.2006)

3.     Forty 40% upon project completion (30.06.2006).