NEW RESIDENTIAL COMPLEX TO PROVIDE 20% RETURN (Feb 01, 2007, source Pari Daily Newspaper)

The new residential complex Mount View will provide 20% annual return, investor London Sofia property said. The construction of the gated residential development was recently launched in the Bulagrian capital city. The figure is based on rents and the expected sales price rise, as apartments are seen increasing by some 15% a year. Rents will secure about 6.5% a year.
We count mainly on the increase of the prices of residential properties which will be about 15 per cent a year for the high-class property while the expected rental profit will be about 6.5 per cent of the invested sum, said Brian Turner, Sales Manager of London Sofia Property. 34 apartments have been sold off-plan and another 12 have been reserved, disclosed from the company. Mount View will include 128 apartments ranging from 90 to 250 sq m in size. The complex is designed with a built-up area of 15,000 sq m. The property features gym, sauna, outdoor swimming pool and an underground parking facility. The prices of One-room apartments start from EUR 111 190 while the two-room ones - from EUR 125 500.
Gated complexes in Sofia are a good investment because they are rented all the year round and provide a high return, said Bozhidar Zahariev from Asta Bridge, the property agency that sells Mount View. Nearby Mount View are situated other huge complexes – Engel Group's Panorama and Maxi Group’s Green City.
Mount View is the first residential project in Bulgaria of London Sofia Property. The investment in it will exceed EUR 20. The company also plans a residential complex in the winter resort Bansko. The biggest project of London Sofia Property in Bulgaria remains Bulgaria Mall. It is situated on Bulgaria boulevard in Sofia and has a total spread area of 80 000 sq.m.

London Sofia Property has offices in Macedonia and Croatia where it negotiates two business projects, said the company's CEO Hugh Fraser


FOREIGN CONTRACTOR TO LAUNCH A LUXURIOUS RESIDENTIAL PROJECT (Feb 07, 2007, source SStroitelstvo / Gradat Weekly)

London Sofia Property builds 128 apartments for EUR 20 M in the metropolitan district Vitosha. London Sofia Property is a company, privately owned by the Briton Myles Summerfield. According to the online site, he himself has 12 years of experience in construction and development of residential and business projects. He is the creator of AM Construction – a company that has built residential and business buildings in New Zealand. Summerfield worked in the bank sector in London five years where he handled fixed income securities.

An international investment group began the construction of a luxurious residential complex in Sofia, which offers end clients and investors who look for high return on profits. It includes two buildings at a total built-up area of over 15 000 m2; it will consist of 128 apartments in the high price class on the market. It is located right next to the Maxi complex in the metropolitan district Vitosha.

One of the investors in the project named Mount View is London Sofia Property, a company for investment management in real estate and a construction contractor, owned by the British citizen Myles Summerfield according to the DAXI information system. The other investor is the British company for investment management Salamanca Capital Investments.

The project belongs to architect Teo Kolarski and chief contractor is the Varna Planex. EQE Control supervises the project. The complex is situated on a building plot of five decares. Apart from the two buildings, there will be a fitness center and a sauna, an outdoor pool with yearlong control of the temperature and an underground parking lot. All apartments will have a parking place, some of them – even two places, announced the contractors. The apartments will be sold completed with everything installed without the electric appliance.

Another special feature is that they will be fairly bigger than the standard apartments. An apartment with one bedroom will be averagely 100 m2 and it will cost around EUR 125 000. The marketing manager of the project Bryan Turner said that 34 from the apartments, or over 20% of the project have already been sold. By the end of the last week he expected other 10-12 to be reserved. Contractors hope to attract clients with the opportunity for investments with high return of profits. They prognosticated around 20% ROI a year on the basis of rent income and they have expectations for a raise in the prices in Bulgaria and in the particular district of the capital. We believe that with products of high quality we can provide our clients a good ROI, said Hugh Frazer, chief executive of the company investor. This is the first project of London Sofia Property which construction already began. Together with Salamanca Capital it owns some 15 decares area, located on the Todor Kableshkov Boulevard and Bulgaria Boulevard, where it will build a shopping mall with 70-80 m office tower. The company has land in Bansko, as well, where it explores possibilities for the realization of three projects for hotels, residential buildings or a combination of the both. The company explores two possibilities for construction of buildings with business and public function in Macedonia and Croatia.