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Brief Project Description

The land plot comprising 115 ha planned to be purchased for the Tourist Entertainment Complex development is located off the conventional tourist zones in a rather prospective tourist area, in which the high tourism zone is being projected under the General Plan; being located right along the 2,000 m sea coastline with the width of 500 to 600 m, the site provides beautiful sea views; partially sandy and mainly rocky coast with a heavy gradient over a length of 350 m from the sea and comparatively plain 150 m wide plateau (in the upper part); similar to the neighboring lands, the land plot has no infrastructure; communication utilities are available within the distance of 10 km, unpaved road is available, the distance to the highway is 15 km; nearby there are several villages with rural inhabitants who can be involved in the activities related to operation of the Tourist Entertainment Complex.

PROJECT CONCEPT

Being of a large-scale format the product will have relatively low weight of communication costs due to its large-scale format, provision of the series of options and amenities that are not generally available in case of small-scale projects including remoteness from ‘fossil' resort areas, new engineering and transport solutions, infrastructural adequacy with regard to culture and shopping and leisure services, international level of servicing and services, European Standard quality of fit-out and equipment of buildings, contemporary architecture; the Project provides that the Tourist Entertainment Complex will comprise four zones:

  • Contemporary traditional residential area - 60 h,
  • Hotel area - 20 ha,
  • Mediterranean traditional historical and cultural center area -15 ha,
  • Entertainment area - 20 ha.

Thus, the Project is focused on creation of a new up-to-date health resort village with high level of communications and servicing, as a tourist and leisure, cultural and historical complex with dacha holiday facilities for 10,000 holiday-makers; being unique among the existing installations of the competitors, the Project will provide European Standard quality buildings constructions with total area of 511,250 sq. m (including 449,250 sq. m of residential space and 62,000 sq. m of retail space).

PROJECT OUTPUT

The Project will provide European Standard quality buildings construction with total area of 511,250 sq. m (including 449,250 sq. m of residential space and 62,000 sq. m of retail space) in compliance with contemporary architectural criteria - the Tourist Entertainment Complex zones comprise the following primary elements:

  • Private householdership village on the land plot of 60 ha: 50 private residential villas each of 750 sq. m on the land area of 2,000 sq. m each with heated swimming pools alongside beach first line and a personal quay, on the aggregate land area of 100,000 sq. m; townhouses on the land area of 300,000 sq. m with heated swimming pools, apartments on the land area of 200,000 sq. m;
  • In the Hotel area of 20 ha: four 5-star hotels with heated swimming pools on the first line with own beach of 125 m each;
  • In the center on the land area of 15 ha: shops, restaurants, cafes, maintenance services, hospital and drugstores, underground night clubs, discothèques, cinemas, theatres, church, museums, apart-hotels and private residential units.
  • In the leisure zone on the land area of 20 ha (including 50,000 sq. m below the center): Marina with summer harbor for 200-300 parking bays and two helicopter landing decks and ancillary facilities, two public sea beaches 250 m long each and aqua park, aggregate area of  50,000 sq. m, with several  heated swimming pools, combination of botanic garden and zoo with local flora and fauna, and roller-center of 50,000 sq. m, amusement park 50,000 sq. m, sports complex 50,000 sq. m with open air sports grounds, indoor skating rink with artificial ice,  as also personnel accommodation zone, management company and maintenance services. Engineering facilities: artesian water supply system, sewage system and water treatment plants, power transformer center, solar battery system within local villas area, three moving stairway systems of ‘sea-to-mountain' type with total length of 1,050 m, lift and elevator systems, underground car parking for 3,000 parking places, transport tunnel through the mountain and three vertical transport system of spiral type, access road from the highway, internal automobile road system, satellite television system, and Wi-Fi access to the Internet.

PROJECT TIMEFRAME

Seven years, including preparatory period, project design period, approvals, arrangement of external financing - 1 year, construction period - 2 years, selling period - 2.5 year according to the schedule, reserve -2 years. 

FEASIBILITY

  • Flat Cost (excl. tax outgoings) 858.0 Mio Euros
  • Revenue: 2,039.0 Mio Euros
  • Net Profit: 851.0 Mio Euros

FINANCING

Inputs: 328 Mio Euros (including Start-up Capital: 67.0 Mio Euros, External Borrowings: 261.0 Mio Euros), Net Present Value of the Project at a Discount Rate of 15% - 549.0 Mio Euros, RCA = 259%.

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