Bulgarian construction co Planex eyes Romanian expansion

Bulgarian construction company Planex Holding is vetting the market in neighboring Romania with a view to a cross-border expansion. Things are still at the stage of preliminary contacts but the expansion is just a matter of time, Planex manager Plamen Andreev told Dnevnik. The company executive did not specify a timeframe for the operation. The current priority for the company will be to strengthen and broaden its footing on the domestic market. The to-do list for 2008 includes the completion of several vacation villages and a mixed-use building with a residential component and a built-up area of 40,000 sq m in Sofia. The top project in the 2008 pipeline is the Viva housing compound. It will cost 30 mln euro, including 2 mln euro in land acquisition expenses. The development comprises four residential buildings, two of which have been completed. The total built-up area will be 70,000 sq m. Another 7 mln levs have been slated for the Kavarna City Center mixed-use office and retail scheme in coastal city Kavarna. It will be completed in 2009. Planex is also launching a residential development in Kavarna. The company is currently investing in concrete depots in Varna and Kavarna, said Andreev. They already have excess capacity to take external orders. Planex is a group of 10 companies active in investment planning and management, feasibility studies, construction, assembly and outfitting of residential, resort and industrial buildings