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Another Israeli Multipurpose Project To Tower Over Sofias Western Districts

Roslin Park, the first residential project of Israeli-based Pritzker Group in Bulgaria, will be located in Sofia’s Lyulin neighbourhood, at the junction of Petar Dertliev Blvd and Pancho Vladigerov Str, consisting of 28 eight-storey apartment buildings with a total built-up area of 65 000 sq m, which will spread on a land plot of 30 000 sq m.

The plot was acquired between 2004 and 2006, the company told The Sofia Echo.

The project will total 550 apartments with sizes varying from 60 to 220 sq m and prices hovering in the 735-880 euro a sq m price range.

Roslin Park will be a semi-gated compound, offering 24-hour security services and video monitoring, a fitness hall, sauna, kindergarten, beauty parlour, supermarket and a number of shops. A large chunk of the space has been allocated for green areas.

The first phase of the project, which comprises eight residential buildings with a total of 150 apartments, is scheduled for completion in May 2009. About 85-90 of these units have already been sold to residents from Lyulin and the nearby neighbourhoods.

Itzhak Pritzker represents the investor in the project, IP Bulgaria 2005 Ltd. The construction company is AT Engineering 2000, architectural design was done by Atanas Panov, and financing has been secured through a loan from United Bulgarian Bank (UBB).

The Pritzker group of companies is an international company that started in the construction of residential apartments in 1961. Over the years, the company has strengthened its position as one of the biggest and most respected developers in Israel, having erected thousands of housing units, some of the expensive and luxurious shopping centres, office buildings and residential compounds in Tel Aviv, Jerusalem and Haifa.

It has expanded its activity, going beyond the boundaries of Israel and, since 1985, has invested in property in locations like New York, Connecticut, Hungary, Croatia and Latvia. It has recently started large-scale investment in Russia and Romania and it landed on the Bulgarian real estate market through the Roslin Park complex.

Currently the company is owned and managed by Itzhak Pritzker, a second generation member of the family.

This is not the first residential investment aimed at middle and lower-middle consumers by an Israeli company in a residential development in Sofia’s western neighbourhoods.

Tivon Properties, a subsidiary of leading Israeli developer Stern, is the investor in City Park Residence, a complex to be located in the southwestern part of Sofia at the corner of Tzar Simeon Str. and Zografski Manastir Str., comprising class A residential, office and retail space, due to open at the end of 2009.

The architectural plan was elaborated by Atelier Serafimov Architects Ltd, with Glavbolgarstroy Jsc as the contractor. UBB will once again finance the project and Orvitex Ltd. is the manager and exclusive agent of City Park Residence.

Investment should come to 25 million euro, including the purchase of the 0.5 ha land plot, and the total built-up area will be 30 000 sq m - 6 000 of which will be allocated to office space and 3 500 sq m to retail units. Residential units will sell at 1100-1200 euro a sq m, office areas will trade at 1500-1600 euro, and retail outlet prices will be negotiable, fluctuating between 2 000 and 3 000 euro a sq m.

And given that Israeli investors are traditionally known for their shrewd and savvy investments, and banks consider them as very reliable borrowers, it might be assumed that such multifunctional developments in this region, commanding reasonable prices, will prove profitable.