Bulgaria Gives Go-Ahead to 3-Tier Super Borovets Project
The enormous complex will encompass the towns of Samokov and Beli Iskar and will expand one of Bulgaria's most popular skiing place Borovets resort.
The ground-breaking ceremony was attended by Prime Minister Sergey Stanishev, former king and former Prime Minister Simeon Saxe-Coburg, as well as Oman's Sultan and Prime Minister Qaboos bin Said al-Said, who is one of the main investors in the project.
The first level in the project, the so called "Low Borovets", will be situated at 1100 m above the sea level, 6 km away from the town of Samokov. The second tier will cover the nowadays Borovets resort situated at 1300-1350 m above the sea level . The third level "Super Borovets" will accommodate those tourists who are looking for the luxury and will be located at 1600-1800 m above the sea level.
Rila-Samokov 2004 AD, the company that will implement the project and owns 2 mln sq m of land in the Borovets mountain area, plans to invest EUR 500 M over the next few years.
The mega-resort is projected to sport nineteen new ski tracks with a joint length of 42 kilometres and the accompanying infrastructure, lifts with capacity for 37,000 tourists, ski facilities, hotels on a built-up area of 100,000 sq m and around 400,000 sq m or no more than 4,000 units of vacation homes.
The project was launched in 2004 on the back of strong support by the centrist government of former king Simeon Saxe-Coburg and amid allegations of vested interests.
Top banker Emil Kyulev, who was murdered in broad daylight in October 2005, owned a 51% stake in the project. Kyulev's death shook up the line-up of the share-holders with investment fund Equest Investment Balkan acquiring a 67% stake in Borovest developer Rila-Samokov 2004 AD.
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