Belgian company Bel Elin plans to construct a villa settlement near the town of Tryavna.
The initial investment would be worth two million euro, investor.bg said.
The villa settlement will cover 20 000 sq m and will include 13 houses, a shop, restaurant, swimming pool and other facilities.
Construction had already begun, investor said. Two old houses were being repaired and the restaurant was being built. The three houses should be ready by September 2007.