Estonian Arco Vara Starts Second Housing Project In Sofia

Arco Invest, a unit of Estonian real estate group Arco Vara, started construction on a six million euro gated complex in Sofia.The complex, set to be the company's biggest investment so far, will rise in the upscale Manastirski Livadi district. It will have three residential buildings with a combined floor space of 35 000 sq m, hosting 300 flats and 25 retail outlets.Arco Invest's first Bulgarian project, Boulevard Residence, is under construction on Madrid Boulevard in Sofia centre. Its more than 100 apartments sold for a bottom price of 1600 euro a sq m last year.In related news, the Black Sea Property Fund REIT unveiled plans to spend some 15 million euro in a new gated complex in Sofia. The Evergreen project will have 27 single-family houses and six small blocks of flats.