Bulgarian Land Development (BLD), the AIM listed Bulgarian residential property developer, has announced that it has bought a freehold site in Kavarna, on the Black Sea Coast, for €2.1m. When combined with seven other smaller adjacent sites recently purchased, the total cost of the site is €3.3m.

BLD will now seek planning permission to create a 100,000sqm holiday complex designed for the international market with an estimated gross sale value of €100m. Construction would be carried out in €40m phases.

The land for each phase will have direct access to the coast and to local infrastructure. The re-zoning planning process is expected to be completed in the summer of 2007.

The site is in the Balchik-Kavarna area. Three internationally designed golf courses are already under construction in this area and spa facilities are nearby. Local authority construction regulations mean that the area should not become overcrowded.