Grandiose golf resort project in Banya starts within a month

propertywisebulgaria.com, 2008-03-07

     Banya Golf and SPA Resort Jsc (BGSR), controlled by Bulgaria's energy tycoon Hristo Kovachki, has recently deposited its full contribution due to the joint enterprise with Karlovo municipality, which will realise Banya golf resort project, Nikolai Petkov, chairman of Karlovo municipal council, said, as quoted by expert.bg.
     This means that construction of the ambitious enterprise, which would comprise golf courses and vacation villages, can start within a month.
     Kovachki's private company was chosen among others to develop the project because its bid was the highest, promising a 60 million euro investment. However, until recently, it had paid only 3.5 million leva of the promised 14.8 million leva in the capital of the joint venture partnership, Sporten Complex Jsc, in which Karlovo municipality had poured almost all of its properties in Banya town, including the sports complex and some lands in Sokolitsa village. Kovachki's company managed to meet the deadline, extended to March 5, for submitting the rest of the money.
     Apart from this holiday project, Kovachki is developing a few more. His company Nadar 2006 was chosen as a strategic investor in a new tourist complex near the villages of Mala Cherkva, Madjare and Govedartsi, at the foothills of Malyovitsa peak in Rila mountain. Its capacity is estimated at about 10 000 beds. Currently, Nadar 2006 is working jointly with municipality on developing the infrastructure in the area, which will be financed through European funds.
     Boriko 2007, owned by he Samokov municipality and Kovachki-controlled LM Impex, was set up to develop the Boricho winter complex , which will be officially opened in the town of Samokov on January 12 2008. Its construction began in the summer of 2006.

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