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Crystal Spa: The Project

Crystal Spa Aparthotel is a luxury development of 354 apartments divided into 17 separate Mediterranean-style buildings, set in a peaceful countryside location with enviable views of vineyards, the green valleys and the Black Sea. The beach is less than 2 minutes drive away and the cosmopolitan town of Varna and its international airport is only 15 minutes away.

The development consists of studios, one and two bedroom apartments with spacious terraces, all built in a Mediterranean style. All apartments display modern and innovative design and architecture that is the signature of a Blackwater Homes / Eurosilex development. The project amenities include a clubhouse, a spa centre, a driving range and a good variety of communal facilities, including 17 outdoor swimming pools, an indoor swimming pool, restaurants, bars and shops.

Obelisk has used three price categories to illustrate an average for the three different types of apartments in Crystal Spa Aparthotel: studio, one-bedroom apartment and two-bedroom apartment.

Investment Potential

Bulgaria offers investors unparalleled high-yield/low-risk investment opportunities and has become the top target for those investors seeking exposure to the growing lifestyle and leisure sector.

Varna lies in Eastern Bulgaria, along the Black Sea Coast, and is an important economic centre for the Black Sea region and for the country as a whole, not least because of its booming tourism industry. Varna International Airport is the second largest in Bulgaria and serves as a connection to over 101 destinations across 35 countries and recently secured €250 million in investment from FRAPORT AG (the owner and operator of Frankfurt Airport with €2250 million total group revenue last year).

Varna and its surrounding region are currently undergoing a major transformation. Investment projects in the area include a luxury golf course designed by the world-renowned golfer Gary Player, which has attracted €30 million of investment; a tourist complex costing €10 million; and a proposed €15 million development of a government approved Formula 1 racing complex. Projects such as this not only make Varna one of the most exciting investment locations in Bulgaria, but also promise to attract yet more tourists to the area.

Crystal Spa's key investment advantage over other resorts is the extensive amenities that ensure it is a truly year-round resort. Golf driving ranges, a spa centre and an indoor swimming pool means it has something to offer in all seasons, differentiating it from the competition. This is substantiated by the developers' offer of a 2 year guaranteed rental yield of 6% per annum. In addition, all apartments are to be delivered ready to move into, fully furnished to a luxurious standard. Added to this the fantastic capital growth potential - prices of Bulgarian residential property in the first quarter of 2007 rose by nearly 8%, compared to figures for the last quarter of 2006.