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Lighthouse Golf Resort & Spa summer 2008 – update and news

As a special service to our favourite clients, SES made an onsite inspec-tion of Lighthouse project on Friday the 30th of May 2008. We made the following observations during our trip.

We are convinced that you as a buyer have made one of the best investments in the virgin Bulgarian market by choosing Lighthouse. More than 50% of all the properties are sold now and only few sea view proper-ties are left. Ask for the top list if you are interested to buy one more property.

The neighbour golf course The Black Sea Rama organized an opening event on the 31st of May. The annual cost for membership is 25 000 euro in the Black Sea Rama Golf Club. 60 of the planned 400 villas are func-tional at this point in time. The price is set at 4,000 euro per sq. meter in this project.

By doing this inspection our understanding of the Lighthouse project has once again been confirmed. Ok, they are a little behind the construction schedule - but better a little late, than to have bad quality and disappoint-ments, because things are forced by a high tempo. Lighthouse still ex-pects to have a soft start September 2008. Please don’t expect to enjoy holidays in Lighthouse Resort this year. It is too dirty and too dangerous with all the construction works going on. Please plan for the season 2009 if you like. This year you can visit to have a look, but please make sure to inform several days before you want to visit the site.

The golf course is staring to have the right green colour. They construct the internal roads with charming street lamps. Below you can see the road going from The Forest District to The Green District. Golf cards are already in action on the greens. The gardeners work hard making the compound looking green and nice.

1. The Lighthouse 5 * luxury hotel with wellness and fitness centre is partly finished on the outside, but it will take a while before the rough construction is done. They have started the digging of the mega pool area in front of the hotel. As you can see on the photos, some of the windows are being installed already.

2. The Marina District construction is under progress and we estimate it to be 30 % finished at this point in time. The rough construction of the first line luxury villas is finished and they are sold to millionaires and famous people.

3. Lighthouse has done 50 % of the digging of the road to the beach. This road will minimize the time usage for getting to the beach and sea with a bus shuttle or a car.



4. The rough construction of The Lake District is in a progressed state. 30 % of the rough construction is done at this point in time. The arti-ficial lake in front of the houses is connected to the underground pipe system of the complex, but is still without water. Other lakes located in the complex were water filled already 2007.

5. The construction of the Club House is going according to the plan. We estimate that the Club House is 80% finished at this point in time.

6. Most of you have sea view apartments in The Green District. There-fore we inspected this district for several hours. Blocks Ga, Gb, Gc and Ge already have permission for usage. These blocks are com-pleted outside. There is still some work to be done inside, but most of the job is done. The hallways in these blocks are finished or al-most finished. Selected apartments are already furnished. Water and electricity is available in some of the apartments. Blocks Gf and Gd will be ready for exploitation in two months time. Gf block is now in the process of being painted and insulated. Windows and doors are installed. In our opinion the quality of the finishing works is high for the Bulgarian market. The materials used are not the most ex-pensive, but still it has a sense of quality to it considering the price-/quality ratio. The same can be said about the furniture.

7. Forest District is sold to an individual UK investor. 90 % of the con-struction is done and 90% of the properties are sold to end-clients.

8. The Lighthouse District is still unsold to investors and the construc-tion will be postponed until the time, when the golf course and the hotel are full operational.

9. Please notice that Lighthouse has accepted to change the principal clauses in their rental contract for the apartments in The Green Dis-trict and you only bind yourself as an owner for 5 years and can exit the contract if the rental income is under 2 %. Of the purchase price. Please remember that Lighthouse has contracts with some of the biggest tour operators in Europe. This is complemented with main sponsor contract with Mercedes Benz for promoting the golf tournaments in Lighthouse.

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