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SOFIA (Bulgaria), August 13 (SeeNews) - Polish real estate developer J.W. Construction plans to launch its first development in EU newcomer Bulgaria this autumn and decide by the end of the year whether to enter Romania, the company's CEO Jerzy Zdrzalka said on Monday.
"We are considering acquisition of a piece of land in [the Bulgarian Black Sea resort of] Golden Sands and we are in the process of making legal due diligence. I think that by the end of the month we will be ready to sign a preliminary contract," Zdrzalka told SeeNews.
He said that J.W. Construction plans to build holiday apartments on the site but declined to say how much money the company would invest in the project. He added the company hoped to begin construction works this autumn.
Zlatni Pyasatsi, known as Golden Sands in English, is one of the most popular Black Sea holiday destinations in Bulgaria. A lot of domestic and foreign investors have launched large-scale construction projects in Zlatni Pyasatsi in recent years, expecting property prices to rise steadily after Bulgaria's accession to the EU.
The holiday apartment project would be the company's first in Bulgaria, which joined the European Union in January. J.W. Construction expects to decide by the end of 2007 whether to enter Bulgaria's northern neighbour Romania, which also entered the EU in January.
"It depends on the opportunities because we are looking for opportunities but there are also projects coming to us and there are much more projects coming from Bulgaria than from Romania," Zdrzalka said.
J.W. Construction, which is listed on the Warsaw Stock exchange, plans to develop further in the vacation property sector in Bulgaria but does not rule out taking on retail, office and residential projects as well, he said.
The company operates mainly in Poland's capital of Warsaw. It has built 20,000 apartments so far and plans a further 13,500. The company had a sales revenue of 726.3 million Polish zloty (192.5 million euro) for 2006.
(1 euro = 3.77 Polish zloty)
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