Arco Vara will commence the final sale of Iztok Parkside apartments in near future

On December 18 2019, Bulgarian Government approved the transfer of certain individual land plots that remain underneath the public streets in Iztok Parkside project, to Sofia City. Previously the Sofia City Council had already approved accepting these land plots from the state. As a result of those decisions, Arco Vara’s subsidiary Iztok Parkside EOOD is legally able to proceed with completion of public utilities infrastructure underneath the access streets and obtaining occupancy permits for the project’s three buildings. The company will start delivering apartments to clients already in January and forecasts 100% delivery and sale by end of H1 2020.

Arco Vara’s CEO Tarmo Sild comments: "The decision of the Government is a major milestone in the Iztok Parkside project. It aligns finally the dynamics of multiple engineering, administrative, legal and political processes to the effect, that we finally see the project coming to a successful end. As of now, we are behind the timeline set in our own 2016 business plan. But the existing presale data is very encouraging indicator to the possibility that we will achieve more than 9 million EUR sale revenue and considerable net profit during H1 2020.  We regret before our shareholders, that we did not meet the set sale and profit targets in time, but we are nevertheless happy after more than 150 decision-making signatures, that this project has so far required. Our kitchen starts to deliver." 

Kristel Tumm

CFO

Arco Vara AS

Tel: +372 614 4662