A new town, with expected population of over 25 000 people, will be built within the next two years.
The town will be constructed in the region of the Black Sea Popski bay, famous for its clear beaches, 24 Chassa reported. According to the investors' plans the villas and hotels in the town will host over 25 000 tourists during the summer season.
The region is part of Tsarevo municipality. Tsarevo mayor Petko Arnaudov said that the most luxurious part of the town would be the Crocodile Shores complex. The new town will include several such complexes united by a modern infrastructure.
The town's plan provides for many villas, a five star hotel, 12 pools and two night clubs. The complex will also offer a casino, a trade centre, tennis courts, a bank, a hospital and a kindergarten. Parking lots and streets will be underground, the main means of transport being golf cars.
Apartments are already on sale even before the beginning of the construction work. A square metre sells for 1 300 euro. Building starts at the beginning of June and the complex will probably be ready by summer 2008. The execution of the project will cost nearly 110 million euro.
Arnaudov said that Crocodile Shores would become the southern seaside's chief attraction. The new complex might leave behind Nessebar and Sozopol resorts, 24 Chassa said.
The construction plans affected real estate prices in the region. A plot near the future complex now costs over 80 euro a sq m.