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news 01 Apr 14

Indoor Sea Plan Makes Waves in Bulgaria

Government says investors - whose names have not been revealed - are to build a satellite city near Sofia, complete with its own artificial, indoor sea.

Novinite.com

The Bulgarian Council of Ministers has announced that the country is likely to soon get a satellite city near the capital.

The project, comprising numerous 4 and 5-star hotels, four 22-storey apartment buildings and "an indoor sea, offering imitations of sun, high temperatures, waves and wind" will be among the key features.

Media have already started jokingly to call it "the Sea of Sofia", referring to the Communist-era idea of digging a huge water channel near the Bulgarian capital.

The project is expected to cost around 100 million levs (around 51 million euro).

While the government is keeping the investors secret, the newspaper 24 Chasa has reported that three billionaires are involved, one of whom is Steven Lo, a Hong Kong-based tycoon.

According to the newspaper, Lo has held conversations with the mayor of Musachevo, a village 21km east of Sofia, near which the satellite city is to be constructed.

He reportedly told the mayor that his partners also own hotels in Macao and Las Vegas, but did not reveal their identities.

In October 2013, Lo was reportedly poised to take a share in Bulgaria's CSKA football team.

The venture reportedly now only needs a green light from the privatisation agency to become an A-Grade investment.

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