Omani fund to resume construction of Super Borovets
The investment will amount to €800 mln, the resort to be ready in 2012.
The Omani investment fund State General Reserve Fund and a subsidiary of the British Equest Investment Balkans Plc will build a ski resort in Bulgaria, worth €800 mln ($1.1 bn), a state official of Oman announced, quoted by Reuters and Investor.bg. “The resort is just an hour away from Sofia airport and is expected to be completed in 2012,” the Omani official added.
The area where Super Borovets will be built covers four regions: Borovets (1,100 m above sea level), Banderata (1,460 m), Gvardeiska Polyana (1,620 m), and Byalata Polyana (1,310 m).
The Super Borovets project includes residential properties and 4- and 5-star hotels with a total built-up area of 623,500 sq. m. New ski runs, with a total length of 40 km will be built. All necessary permits to start the first phase of the project are ready. Construction of a total of 80 km of ski tracks, ski lifts and accommodation of more than 15,000 beds have been planned. The new ski facilities will have the capacity to carry some 30,000 – 37,000 people per hour. The constructed tracks will be concessioned.
Private owners will be able to build low-rise family hotels above Beli Iskar (a small village nearby Borovets). Plots of land there are currently offered at €120/sq. m.
The luxury hotels will be situated in the Gvardeiska Polyana region.
Initial construction started in October 2007, in the locality of Pashenitsa near Samokov. The implementation of the Super Borovets project has been divided into two main stages, covering the 2007-2012 period. “State General Reserve Fund holds a 40% stake in the project and the other major investor is Equest,” specified the Omani state official who requested to remain anonymous.