“Construction started in September and we are currently working on three apartment buildings, totaling 540 studio apartments. There will be a total of seven buildings, to be constructed in two stages. This year we started work on four buildings and construction works are advanced for three of them, which are 75% completed,” project manager Elena Klaici told MEDIAFAX.
The project is developed on a 35,000-square-meter land, plus 25,000 sqm for parking, and is the first time-share property project in Romania.
Blaxy Resort will be open to its members, who may acquire one or more time periods for maximum 36 weeks a year. The remaining 16 weeks, the compound will be closed for maintenance.
The first three buildings are set to be completed in July 2015.
“We have sold 1,000 vacations so far,” said Klaici, adding around 20% were bought by investors.
The cheapest vacation package is currently EUR1,900, outside the tourist season, and the most expensive one reaches EUR6,750.
In December, the price of a vacation is EUR4,000 on average and prices will rise with each stage of the build, to reach EUR9,250 upon completion.
The rest of the compound, with more than 900 vacation condos, swimming pools, sports fields, bars, clubs , parking and private beach will be completed by summer 2016. The investment for this stage is estimated at EUR35 million.
Construction works are set to continue later on with a hotel, a business center and a spa center.
The full investment is estimated at around EUR90 million.
Blaxy Premium Resort & Hotel, the developer of the project, is owned by Oguz Yilmaz, a Romanian citizen of Turkish origin who has developed a series of real estate projects in Romania.