Botanica Lozen EOOD, a subsidiary of Arco Vara AS, has signed a construction contract with Strabag EAD for the development of the first stage of its residential project – Botanica Lozen Residences. Construction works are expected to begin in November.
In the first stage, 16 private houses will be built near the village of Lozen, which is located on the outskirts of Sofia city. The houses will have two or three floors - 4 or 5 bedrooms, office space, double garage. The size of the houses varies between 300-430 sq.m. The buildings were designed by Vamos OOD architectural studio.
Kaloyan Radosslavov, the Executive Manager of Arco Vara Bulgaria: “In selecting the general contractor, the offered price and payment terms were leading factors but Strabag EAD’s extensive experience and strong international brand gave it advantage over its competitors”. Strabag EAD has been involved in the development of major Bulgarian projects, including Sofia International Airport and Mega Mall Sofia.
The houses in Stage 1 are expected to be completed in the spring of 2024 and the expected revenue is 11 million euros.
Tiina Malm
CFO
Arco Vara AS
Tel: +372 614 4630
tiina.malm@arcovara.com
