Company and Project Integrity
Q: What is the name of the owner company of the Project?
A: A.Z.K. Properties EOOD – with owner Avinoam Katrieli, who is also the president of the Binational Chamber of Commerce Bulgaria – Israel and president of the foundation “I love BG”
Q: Why is the starting capital of the company only 5000BGN?
A: The starting capital of the company is not a factor for the value of the company. A company value is measured according to the value of the properties/land that the Company holds. A.Z.K. holds about 2000 decares in Plana Heights Project.
Q: What guarantees that after I buy the land, the company won’t leave the project and I will end up only with my land and no possibility to build myself a house?
A 1: In this project there have been invested more than 25M EUR since 2007 – just to buy the property of the project. Since then PUP and infrastructure plans have been made with hard work that took 7 years.
A 2: The company is not selling all the land and has prepared to sell up to 40% of the property for “Build Your Own House”. 60% of the land is not for sale according to the plans and is meant to be sold by the company with ready houses.
A 3: The company has no loans or credits, mortgages or any third side liability on the property of the project.
A 4: Against the payment of the land the buyer becomes an owner with a notary deed on his purchase with no liability or any mortgages on his property and out of commitment to keep the outside standard of the house he wants to build in accordance to the general plans he can build his house immediately according to the purchase contract.
Q: How can I check that the owner company is trust-worthy?
A: You can check in the Trade Registry that the Company exists. You can visit its office and see that it is functioning as well as to require documentation – sketches of plots, PUP approvals… You can require the evaluation from CBRE in order to check the value of the land. From business point of view most important information is:
1. Does the Company owe money to any institution?
2. Is the owner using the same product that he offers to you?
Q: Is this the first project of this kind done by the initiator?
A: The initiator has been involved in such projects since 1986 and has been active with similar projects in Israel, Belgium, England, USA. In Israel he has completed more than 10 such projects. The initiator has been living in the last 10 years in Bulgaria and has decided to develop such a project here in order to live in better quality.
Q: How much does the whole thing cost?
A: If you enter at this stage you shall pay about 27 500EUR for land, another 16 000EUR (without VAT) for infrastructure and 499EUR (without VAT) per sq.m. for construction of the house. For example if you build a 150sq.m. house on a 500sq.m. plot it will cost you 118 350EUR (without VAT)
Development Process of the Project
Q: What are the stages of the project and what would be the client's investment in each of them?
A: There are three general phases of the project:
Phase I: The company sells through the model “Build Your Own House” in 3 separate stages (this Phase is limited to the first 500 units):
• Stage 1: Purchase of land.
We are now at this stage. The value of the property is more than 55EUR/sq.m. according to CBRE.
•Stage 2: Infrastructure development.
It is planned to begin in the summer of 2017 and will cost EUR16 000 (without VAT) per unit of half a decare.
• Stage 3: Construction of houses
The cost for construction will be roughly € 500 (without VAT) per sq.m. - in the option that the buyer would choose our company to build for him.
The client can choose his own architect to take care of the building permit and design. In this case there will be needed the approval of the project’s architect regarding the outside design of the house. The client can use the project’s architect which prices will be much more reasonable.
Phase II: The value of the land rises. We estimate it will be between 70 and 90EUR per sq.m. The company will go on selling through the model “Build Your Own House” but combining the first two stages – land purchase and infrastructure – in one stage. Stage 3 will remain the same.
Phase III: The value of the land rises. We estimate it will be above 120EUR per sq.m. At that point the company will sell ready houses at prices above EUR160000 per unit.
Q: When is the infrastructural work supposed to start?
A: First Phase Infrastructure will begin in spring 2019.
Q: When are the first ready homes going to be built?
A: Fall 2020.
Q: What are the processes that the project’s company is going to take care of instead of me?
A: 1. In principal the company can give all the services up to the stage your house will be built.
A: 2.The company will give maintenance to the whole project including Security, Cleaning and maintenance of common parts and infrastructure etc.
Q: What rules and restrictions must meet the individual properties, so as to ensure harmony in terms of architecture and good neighborly relations then? The client must be aware of these rules before making a decision to buy a plot.
A: The main general rules are:
1. There will be demands and requirements for the outside look of the house to be presentable and in level that would respect a new modern neighborhood.
2. To keep to low and the rules of the PUP and the building permit.
3. To build the outside facade within reasonable limited time (up to 3 years)
4. Any buyer can ask at the time of purchasing and present his ideas and to have an official approval if his ideas fit the parameters of the project.
Q: Can the guidelines for building my house be different depending on the location of the plot that I choose?
Q: Can I see ready models of houses that I could choose from?
A: Yes – make an appointment with our architect or visit our office
Q: Can I have agricultural garden in my plot?
Q: Can I have animals in my house? Not only cats and dogs, but goats, chicken, pigs, horses…?
A: In some parts of the project, yes.
Security for the living in Plana Heights
Q: What are the security measures going to look like?
A: Security will match Israel’s level and models. There will be smart fence around Plana Heights and a center for fast reaction gathering all the information with ready professionals 24/7 for any needed reaction. One will be able to enter the town only through the secured entrances. As far as possible Optic Internet will be delivered through two separate and independent sources.
Q: At what distance from Sofia is the terrain?
A: About 25 km currently through Bistrica - Zheleznitsa – Plana and it takes about 30 minutes drive without being in a hurry. A new road is planned to be built that will add another option of reaching the terrain in shorter distance and less time (about 20 minutes drive without being in a hurry). It is important also to note that after the first families start living in Plana Heights the Company intends to buy two buses to use as private shuttles to Sofia.
Q: Could you specify the exact GPS location?
A: You can see the presentation of the project site. General/Miscellaneous or come to the office
Q: What is the total number of parcels?
A: 3037 including the roads. About 2900 plots for sale total. Of them more than 300 have been sold so far - about 270 decares are sold. The first phase of the project is planned to be stopped when 500 decares will be sold.
Q: Once the customer has purchased land, is there a time limit within which it is required to build a house? What about the renewal of building permission?
A: The customer will be required to finish building the outside facade within 3 years of purchasing the property. Building permits are given by the Municipality.
Q: What is expected to be the monthly maintenance cost?
A: At this stage, it can not be assessed simply because it is hard to say how many owners will there be in Plana Heights, but we will ensure transparency and fairness in the methodology of the formation of the maintenance cost: The total cost will be divided by the number of owners. We imagine it to be between 100 and 200BGN per month.
Q: In which municipality is the terrain? What about the services it must provide the municipality - garbage collection, snow removal, etc.?
A: Samokov municipality. The services are going to be provided by the project management.