Construction of Iztok Parkside project will begin and and presales will continue
On 30.03.2017, Arco Vara announced that Iztok Parkside project in Bulgaria is behind the schedule due to delays in obtaining construction permit from Sofia municipality. By today, the Bulgarian subsidiary of Arco Vara has fulfilled all required conditions and has received construction permit for Iztok Parkside development project, which came into force on 29.09.2017. Construction will begin in October and first apartments are scheduled to be handed over in Q4 2018.
The CEO of Arco Vara commented: „Iztok Parkside is our first development project in Bulgaria where we have solved all challenges related to detail plan and construction permit with our own resources. It took us two years from the time of the acquisition of the land plot, which is longer than we expected, but which is still a good result. The most important thing is that we have a development team in Sofia who is able to solve complicated problems, and that we can continue presale of apartments. The construction permit also means that Arco Vara will not have a significant gap in its developments timeline. Construction will end in the first stage of Kodulahe and will commence in Iztok Parkside.“
Iztok Parkside development project will have 68 apartments with GSA of 7000 m2. The revised revenue expectation is above 9 mln euros.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com
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