Spanish developer Martinsa Fadesa started the construction of its first project in Bulgaria, Stroitelstvo Gradut (Construction and the City) weekly reported. The first-sod ceremony of the Modera Residence residential complex took place on March 18.
The complex is located in Sofias Vitosha neighbourhood, at about 200 m from the ring road and Simeonovsko Chaussee Blvd, and will have a gross actual area of about 54 000 sq m. Architectural project was prepared by Stroyconsult 999 Ltd, with leading designer Yuri Angelov; general contractors are Livel and Hydrostroy-P; the consultant is Nevon Consult Ltd.
The neighbourhood has been one of the most actively constructed areas in recent years. Another two new gated communities, Preslav and Buena Vista, are located in the vicinity.
Modera Residence complex will comprise three residential blocks connected to low-rise retail buildings. The apartment buildings will have nine or ten floors and an attic level and will comprise a total of 335 flats (two-room, three-room and four-room).
The residential groups are designed in three different architectural styles - classic, modern and a third approach that boasts cleaner lines and shapes. The compound will feature a 7 000 sq m-large shopping zone. The public and service area will include a supermarket, a kindergarten, a few catering facilities and 36 shops.
The residential units are already on the real estate market, prices depend on the location and exposure and fluctuate between 830 and 1 050 euro, excluding VAT. A 385-car parking will serve the housing area and another 50 parking spaces are allocated for the commercial zone.
Martinsa Fadesa Bulgaria, the Bulgarian subsidiary of the Spanish developer, has already started construction works on the sewerage and engineering infrastructure, which will be carried out jointly with other companies that are investing in the region.
The complex will be developed in several stages, scheduled for completion at the end of 2009. Initial construction is due to start at the end of 2008.
Martinsa Fadesas long-term investment programme in Bulgaria envisages the development of 500 to 600 residential units a year. Currently, the company is researching the opportunities for future projects. We are interested both in first and second home schemes, Martinsa Fadesa Bulgaria regional manager Petar Angelov said, as quoted by Stroitelstvo Gradut.
The Spanish developer will not limit its investment to Sofia only, considering further expansion through developments in mountain and seaside resorts, Angelov added.
Martinsa Fadesa is one of Spains largest construction companies, specialised in residential complexes. It has projects, exceeding 20 billion euro, located in Spain, Portugal, Mexico, France, Poland, Hungary, Czech Republic, Romania and Bulgaria.
