Glavbolgarstroy (GBS), the local construction and real estate investment company, said it has launched the construction of a luxury vacation complex near Sozopol, on the Black Sea. The St. Thomas holiday home complex will comprise 8 Internet-ready apartment buildings with a total of 261 units.
The swanky Karina hotel that will be part of the vacation village will offer 56 apartments, gym, spa center, indoor swimming pool, tennis court.
The 10 mln euro complex should be operational by mid-2008.
Most of the apartment inventory has been sold off-plan, mostly to Bulgaria and British buyers.
The interest of the investor in the Sozopol area dates back a few years.
GBS used to own 60 ha of land in the nearby Ropotamo reserve where it planned to build an eco village. In mid-2006, the land was sold to a British investment fund, GBS director general Simeon Peshov said recently.