Q1. Which are the dates of finish of the complex?
A. The complex is expected to be completed in July 2009. Our priority is the
golf course and the clients’ properties. All promised facilities will be built. However due to the, now resolved, problems with the Mayor, it might take us longer to finish them. We do not compromise with
the quality and Golf Club Ibar will be completed as a premium resort. It is
unique with regards to the generosity of land dedicated to the golf course –
87 acres, and to the practice area – 6 acres. Such spacious golf courses are
not known in South East Europe, or in Spain and Portugal.
Q2. Is the Project in danger because of the credit crunch?
A. The project is not in danger because of the credit crunch. We have now
sold 280 of 450 properties which means that the project is beyond the
break-even point. However its timescale has prolonged as mentioned in Q1 above
Q3. Have the recent problems with the municipality been resolved?
A. The recent problems with the Municipality have now been resolved. The mayor of Dolna Banya stated his full support of Golf Club Ibar. The Municipality started issuing the delayed paper work, however it is a small municipality with insufficient staff and difficulties in finding more staff due to low salaries (GBP 100 to 200 per month). This causes additional delays in the processing of the respective paperwork.
Q4. Is there a car driveway and a car parking place in the villas without a garage?
A. Yes
Q5. Will there be a central heating?
A. No. The calculations of the experts have shown that heating with electrical radiators is more cost efficient.
Q6. Is the hot water boiler included in the price of the villa?
A. Initially all properties we sold came without a boiler included in the price. Later on when the prices of all properties were raised, the boiler became part of the standard outfit and was included as such in the Building Specification (Annex 1) of the contract.
Q7. Is it possible to have a separate shower cubicle as well as a bath?
A. Yes. The separate shower cubicle should be bought by the owner and installed after the signing of the Title Deed.
Q8. Will there be a point for telephone/internet connection?
A. Yes.
Q 9. Will there be satellite/cable TV?
A. Yes.
Q10. Is there some sort of building insurance arranged with the property?
A. Yes, during the construction it is at our expense. After the transfer of the property it is at the buyer's expense.
Q11. What would be the other costs relating to the purchase (i.e. legal fees / taxes etc)?
A. Municipality tax (2% of the price) and the notary fee.
Q12. Is it right that I would have to set up a Bulgarian limited company prior to purchasing a property?
A. No. That is necessary only when you acquire land.
Q13. Are you providing a shuttle service to guests staying at the complex from Sofia airport? Will there be costs involved?
A. Yes, we provide transportation to and from the airport and Borovets. The prices are available on our website.
Q14. Is the 1600 euro fee per annum for country club membership covering charges per villa/apartment - i.e. this is not 1600 euro per member of one family?
A. It is per villa/apartment.
Q15. One of the areas highlighted as part of the benefits of this fee is access to cable TV/broadband. Does this mean that I would have access to broadband at my villa or does it mean at a central point on the complex for everyone?
A. You will have access to cable TV/broadband in your villa/apartment.
Q16. Does the golf club membership of 2000 Euros cover all of my family?
A. Yes. Family = owner + spouse/husband + children up to the age of 18.
Q17. Does it mean that we then do not have to pay for a round of golf?
A. You do not have to pay for a round of golf.
Q18. It is mentioned that prior to the Golf and Country club membership being available there will be a uniform membership fee of 600 euro. When will this start and what will we get from this?
A. The uniform EUR 600 starts from the moment you sign the notary deed for your property. The respective amount (for the time till the end of the respective calendar year) is paid as part of the finalising procedure. The reason for the decreased amount is that not all the facilities will be immediately available, which does not mean there will be no security, roads, common parts maintenance, etc.
Q19. Part of the Country club membership is to provide external security. If we require internal security shall we have to pay for this ourselves?
A. Yes. The external security means the gated area will be covered as a whole (by people and technical means). The internal security is a matter of personal choice and perception. This service is now available under our property management.
Q20. Is professional garden maintenance & cleaning services charged separately, or does it form part of the 2000 euro membership fees? If it is charged separately, what does it cost?
A. It is not part of the membership fee. This service is now available under our property management.
Q21. If I were to arrange my own lettings, would there be a charge made by your property management company?
A. No. However, you will be responsible for your tenants.
Q22. Why do you sell only the building without the land?
A. Our development is a private golf club. This means very restricted access (only members and their guests) and Internal Rules and Regulations valid for all members. In order to secure from a legal point of view the rights of all members we offer freehold only for the villa as well as the right of construction on the plot. This means that owners of villas have the exclusive right to use their plot but are not allowed to perform any kind of additional construction works (even planting a three) without the permission of the developer. This is to guarantee the rights of all the other members and especially of the neighbours.
Q23. How are we expected to calculate the expected rental income at this early stage?
A. Average occupancy p.a. - 40%. Expected price per night for a 3 bedroom villa - 100 EUR. This is a safe side calculation.
Q24. How many months of the year are you expecting the properties to be rented?
A. 12 months - 8-9 of golf, 3-4 Skiing (Borovets)
Q25. Do you know what the capital growth and rental yield is likely to be?
A. Capital growth - min 50 % after the complex is operational. Rental: 7-8% p.a.
Q26. Which colour will be the tiles and baths/sinks? Will clients have a choice of colour?
A. The tiles will be light beige and light grey. The baths/sinks will be white. If a client wants a different colour he/she should express this at "level roof". Every other colour is paid additionally. For that purpose an annex to the contract will be signed.
Q27. What is the climate like in Dolna Banya?
A. Dolna Banya is situated at 634 m. above sea level, Samokov is situated at 925 m. above sea level, Borovets is situated at 1264 m. above sea level. Therefore the climatic conditions for Borovets and Dolna Banya are not comparable. Average monthly temperature for the period December - May is (+) 5 degrees Celsius / Average monthly temperature for the period June - November is (+)21 degrees Celsius / Average minimum daily temperature is (-) 8 degrees Celsius / Average maximum daily temperature is (+)29 degrees Celsius
Q28. Why should I pay 50% extra cost if I decide to build a pool on my property at a later stage?
A. This price is meant to be restrictive because when the complex is finished you will be an owner of a property on a fully finished and operational Nicklaus Design, 18 holes, PGA, Private Golf course. It will be highly unpleasant if your neighbour decides to dig out 250 cubic meters of earth with excavators, to use heavy loaders to remove it and find a place for stock piling. There will be an extra cost to keep the premises clean. On top of that you have to suffer the noise from all the construction work. This type of inconvenience has its extra cost.
Q29. What is the procedure and the schedule to have the Property Rights on my property transferred from the developer to me (Notary Deed)?
A. After we obtain Protocol No. 15 for the construction and finishing work the buyers will be invited to come and inspect their property. They have the right to make any legitimate remarks. The developer is obliged to remove the faults within a month. During this period the developer starts the procedure to obtain a Permission of Usage for each property. After a buyer is informed that the developer has obtained the Permission of Usage and makes the final payment according to the contract he/she will be invited to proceed with the Notary Deed.
Q30. Is it possible to change the time of transfer of the property right?
A. Yes, it is possible. It could be done only with a written mutual agreement signed by the parties. In case the buyer pays the property 100% in advance he/she can obtain the Notary Deed immediately. He/she can use the property after obtaining the Permission of Usage by the developer.
Q31.Can you tell me if the 1600/2000 euros Fees will be fixed for a period of time and if not how much do you expect them to go up each year?
A. The membership fees were approved in December 2005 and are fixed till the end of 2008. Afterwards they will increase once every three years. The increase will not be higher than the inflation rate for the 3-year period.
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