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Developer pulls plug on Black Sea project
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News on Bulgaria
28 March 2008
Building work on a key property development on the Bulgarian Black Sea Cost, the €100m Azur del Mar scheme, has been suspended following the expiry of its legally prescribed period, according to Bulgarian website citybuild.bg.
It’s questionable whether the actual scheme by developer Kaliakra Invest Ltd, which would have included 135 apartments and 10 luxury villas, with completion scheduled for mid-2009, will now be constructed. Approximately 700 agents worldwide have already marketed off-plan units for sale within the project.
Kaliakra Invest Ltd is reportedly now trying to sell the land that had been reserved for construction of the development.
Editor’s comment
There is a severe oversupply of properties along many parts of Bulgaria's Black Sea Coast.