On 28 July 2016, Sofia City Council adopted the detailed plan of Iztok Parkside land plots owned by Iztok Parkside EOOD which is 100% subsidiary of Arco Vara AS. The area covered by land plots is 2470 m2.
According to the detailed plan an apartment building with 68 apartments and gross sellable area of 7700 m2 (not including parking places and storerooms) can be built on Iztok Parkside land plots.
Arco Vara acquired the land plots on 10 May 2016. The design, which is already on progress, will be finished in the third quarter and in the fourth quarter of year 2016 the Group will start the construction works and the presale.
Arco Vara AS' CEO Tarmo Sild’s comment:
"I value highly the current good work of our Bulgarian development team. One of the additional values that we offer is a detail plan solution that from one side changes Sofia into a modern metropolis and serves its residents and from the other side gives the shareholders a decent productivity in return for optimal capital placement. The residents’ interest towards acquisition we can see already now but the actual outcome of the project will be revealed in the Group’s income statement at the beginning of year 2018. Our expected revenue is over 7 million euros and the shareholders’ net profit should exceed 1 million euros.“