Israeli company Engel Group will invest some 35 mln euro in the construction of 4 residential properties in Sofia. The design of the first 2 projects is ready and they are awaiting the building permits, said David Milo, Engel's manager for Bulgaria. Barring any unforeseen developments, work on the 2 projects will get underway in January 2006.
The first project, dubbed Tsar Boris, is a 170-home development with residential units ranging in area from 40 to 100 sq m. The construction cost is seen at 8-9 mln euro.

In Sofia's Ovcha Kupel borough, Engel plans to construct a 55-home apartment building with individual units ranging in area from 50 to 90 sq m. Investment is seen at 1.6 mln euro.

Gorna Bania is the name of the third residential development. It will be a gated community located on 1.1 ha with 330 apartments, a retail center, swimming pool and other facilities. The cost of the complex is estimated at 20 mln euro.

The one-storey houses that will form the Kambani complex, on the road to the Pancharevo lake, near Sofia, will be marketed to upscale tenants. Each of the 20 villas will have an area of 280 sq m. The cost of the development is estimated at 3.5 mln euro. Engel said it has purchased a total of 1.5 ha of land plots for the implementation of future projects in Bulgaria.