Israeli real estate developer Electra Group has started construction on its first Bulgarian project – a gated residential community in Varna, to be named Botanic VIP Residence, the company’s sales manager Petar Petrov told Dnevnik daily on March 30.

The complex, in immediate proximity to Varna botanical gardens, will cover 1.2 ha of land and will comprise seven buildings, with a total of 216 apartments. According to Israeli media, Electra acquired the plot with the ready project in 2006 at the price of 4.56 million euro.

The expected profit after selling the apartments is expected to reach 80 million euro. Three of the apartment blocks are scheduled for completion by the end of the year. Off-plan prices start at 1 350-1 500 euro a sq m.

Electra’s pipeline includes another three projects in the Varna area - an office building and a mixed-use scheme in the city and a 53 ha residential community in the vicinity of area village Kalimantsi, Dnevnik wrote.