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Luxurious Complex to Rise at Bulgaria's Seaside

Date: 31.07.2006

Investors from Orchid Developments started Monday the construction of the biggest apartment complex in the northern seaside city of Varna.

Orchid Hills will include about 800 luxurious apartments, several commercial buildings and entertainment venues and will be completed by a business center.

The city's municipal council head Borislav Gutsanov and Ofer Miretzky, founder of Orchid Developments turned the first sod of the construction and placed a time capsule in the foundations of the complex with a message to future generations. The two placed issues of the Monday editions of Varna newspapers and other keepsakes of the current spirit for people to find one day.

"We have already realized several projects in Sofia and Varna," Miretzky said."Bulgaria's "seaside capital" is a lovely place with great investment potential and this is why we chose it for this project. We do hope that it means as much to the people of Varna as it does to us in Orchid Developments."

The company has already invested over EUR 100 M in Bulgaria, and the majority of the money has gone to the Varna region.

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