“Kavarna Apartments 2” is the second part of the recently built complex of apartments Kavarna Apartments 1 located in the most attractive part of the town of Kavarna – the “Coastal area”, 250 meters away from the sandy beach of Kavarna. The new building is situated in the south-east part of the complex and it is the final unit in the overall construction which began in the autumn of 2004. Building will commence on 10 September 2005 and the date of completion is 30 May 2006. The building will have three independent entrances and will consist of 1 studio, 32 one bedroom and 8 two bedroom apartments. The south-easterly aspect means marvelous sea views from almost every apartment.

PROPERTY BG CHARGES NO AGENCY COMMISSION ON KAVARNA APARTMENTS 2!

Some of the key features at Kavarna Apartments 2:
• Located in the most attractive part of the town of Kavarna – the “Coastal area”
• Swimming pool with a shallow children’s area and an open bar.
• Reception desk 24 h/day
• Cafe-bar on the ground-floor of the new building (available for sale), which will also serve the open bar at the pool.
• Parking lots (are also available for sale, details below.)
• Laundry, working 7 days a week
• Doorman and 24-hour security, guaranteeing peace and security.
• All apartments will be equipped with fire alarms, telephone and Internet.
• Our partners PropertyManagement BG will provide management services for the complex.

All Kavarna apartments will be sold fully completed and ready to furnish.
Everyone, who buys an apartment in the complex before 15 october 2005 will get a free kitchen, including kitchen cupboards, with fitted sink and all basic electrical appliances - a built in fridge, a cooker, a hob and an extractor.
The level of finishing of the building is going to be according to the highest standards. The building will be faced with substantial outer wall insulation. All windows will be double glazed, with wood-effect frames. Telephone, TV and Internet cable connections will be laid and connected. Each apartment will have quality wooden doors and a solid front door with security locks. All the apartments are going to be airconditioned.

Level of finishing:

Living rooms, kitchens and corridors:
- terracotta tiled or laminated floorings;
- solid internal walls, smooth-plastered and painted;
- ceilings smooth plastered and painted white;
Bedrooms:
- terracotta tiled or laminated floorings;
- solid internal walls smooth-plastered and painted;
Shower-rooms and toilets:
- fitted with taps, fittings, shower, toilet bowls and sinks
- terracotta tiled floorings
- fayence tiled walls
Balconies:
- terracotta tiled floorings
Common parts and staircases:
- polished marble or terracotta floors
Outside the building:
A large swimming pool, stone patios and grassy areas will surround the complex.

FURNISHING
Our partners at www.Furnish.BG have prepared attractive furnishing packages for Kavarna Apartments priced between 3500 and 6500 Euros depending on the size of the apartment and the standard required. For buyers interested in renting out their apartments Furnish.BG offer special packages for this purpose.

MAINTENANCE OF COMMUNAL AREAS
The annual maintenance fee is 6 Euros per sq.m. (VAT incl.) and will cover the following:
• Maintenance of the garden.
• Maintenance, cleaning and elelctricity bills for the common parts (corridors of the block).
• Security services
• Standard repairs occuring from the normal use of the building.

PROPERTY MANAGEMENT
A first class property management service is provided by our partners Property Management BG , who are leaders in this field in Bulgaria. The charge of 500 Euros per year covers the following services:
• Management and maintenance of all relevant documentation.
• Organisation of any and all maintenance required at the apartment.
• Regular communication with you the owner in case of any unexpected event, and to produce at your request documentation for any and all expenses made on behalf of the property.
• Organisation and payment of any and all expenses relating to the property to third-party suppliers: eg: bills for power and water supply, cable TV, Internet subscription, cleaning and the general maintenance of the apartment and the cleaning and maintenance of the common parts of the building, including repairs and renovation as and when required etc.
• Web access to the bookings made for your apartment by the tour operator so you can see the availability for yourself, friends and family.
• Organisation of the issue of any categorization papers, licenses and similar required by the law for the short-term or long-term rent of the property.
• Organisation and the payment of the annual property tax and waste collection fees.
• Organisation, filing and submission to the tax office of the annual tax statement and payment of any and all tax due by the apartment owner for income relating to the rental of the apartment.
• Marketing the property to tour operators and travel agencies for rental to their client base of tourists.
• Reception desk services and dispatch, key services to incoming and outgoing tenants/visitors.
• Registration of the tenants as foreign citizens with the local police station as required by the law. • Holding funds on behalf of the apartment owner, to be used against outgoings directly related to the apartment or common parts under the terms of the virtual freehold.
• Organisation, bookkeeping and the storage and maintenance of all records and received invoices, payment receipts and other documents from third-party service providers, agents, local authorities and tax administration bodies etc.
• Representation of the apartment owner and protection of his/her rights and execution of his/her will before any and all third-party service providers, agents, local authorities, tax administration bodies and tenants etc.

LETTING MANAGEMENT
All the customers, who bought garages, will have the opportunity to rent the garage to tourists, together with their apartment and separately too. As the garages are not so many they are expected to be rented all the time. Buyers who wish to rent out their apartments to tourists can use the services of Property Management BG in partnership with major international and local tour operators selling beach holidays in Bulgaria. The local offices of the company will market Kavarna Apartment Complex locally in Kavarna, Varna and the whole area to individual tourists. Kavarna Apartments will also be advertised by the main reservation systems for the Bulgarian Black Sea Coast – www.BeachBulgaria.com and www.ApartmentsBulgaria.com (Coming soon).

Owners will be offered fixed rates for short-term rentals. All expenses for short-term lettings (electricity, water, cable TV) will be charged to the owner’s account. Long-term rents are subject to additional negotiation between the tenant and the apartment owner, which will be handled by us on your behalf. Usually for long term letting’s all expenses are covered by the tenants. Our experience shows that short-term rental provides a higher rental income and we expect that Kavarna Apartments will bring in between 8 and 10 % as an investment return per annum from rental.

PROPERTY BG CHARGES NO AGENCY COMMISSION ON KAVARNA APARTMENTS 2

GENERAL CONDITIONS

• No company is needed to own an apartment in Kavarna Apartments.
• All owners who rent out their apartments must pay rental income tax of 15%. We collect and pay this for you.
• Owners who have a rental contract with Property Management BG can use their apartment whenever they wish, provided that they have notified the booking office 30 days in advance (although at low demand times this may not be necessary). You will be charged only the cleaning costs for staying.
• It is not necessary to come to Bulgaria in order to reserve an apartment or sign the preliminary contract.

PLEASE NOTE THAT 20% VAT IS INCLUDED IN THE PRICES BELOW, AND THIS IS THE FINAL PRICE THAT A BUYER IS GOING TO PAY FOR AN APARTMENT, EXCEPT THE LEGAL FEES FOR THE DEAL. PAYMENT PLANS:

You can secure an apartment now by sending a deposit of 10% of the price of the property. Signing of a preliminary contract will follow, where the other payments will be described.

3% discount is given for purchasing a second apartment in the building.(The 3% discount is on the price of the second property).

PAYMENT SCHEME: Payment in four installments, as follows:

- 10 % deposit now, when signing the preliminary contract;

- 70 % of the price – due 10 days after signing of the preliminary contract;

- 15 % of the price – due 35 days after signing of the preliminary contract;

- 5 % of the price – due 50 days after signing of the preliminary contract;

PRICES, SIZES, AVAILABILITY (constantly updated and valid!)

I. Cafe-bar hall and open pool bar.
Consists of: Big hall for the bar and the tables, toilet for the customers, small room and separate shower-room with toilet for the personnel. The buyer of the cafe will also receive the open pool bar. Tables and chairs can be situated inside the hall and also outside around the pool - total size 116.24 sq. m. (actual 103.82 + 12.42 common parts), price 81 368 Euros

III. APARTMENTS:

ENTRANCE 2

Second Floor

Apartment No. 21
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace – total size 61.55 sq. m (actual 54.17 + 7.38 common parts), SOLD

Apartment No. 22
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace – total size 57.05 sq. m (actual 50.38 + 6.67 common parts), SOLD

ENTRANCE 3

First Floor

Apartment No. 34
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace with sea view – total size 64.55 sq. m (actual 56.80 + 7.75 common parts), SOLD

Apartment No. 34A
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace with pool view – total size 56.21 sq. m (actual 49.92 + 6.29 common parts), SOLD

Second Floor

Apartment No. 38
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace with sea view – total size 64.55 sq. m (actual 56.80 + 7.75 common parts), SOLD

Apartment No. 38A
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace with pool view – total size 51.90 sq. m (actual 46.09 + 5.81 common parts), SOLD

Third Floor

Apartment No. 41
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace with sea view – total size 64.10 sq. m (actual 56.80 + 7.30 common parts), SOLD

Apartment No. 41A
One bedroom apartment. Consists of: entrance hall, shower-room with WC, living room with open-plan kitchen and dining area, one bedroom and a terrace with pool view – total size 54.14 sq. m (actual 48.40 + 5.74 common parts), SOLD

DETAILED FLOOR PLANS OF ALL APARTMENTS ARE AVAILABLE UPON REQUEST!!!

Kavarna Region and golf-lovers.

In combination with its beautiful nature and interesting historical sights, the region around Kavarna is becoming an attractive tourist site for golf-lovers. This is due to the construction of two new golf courses which has already commenced. One of them is situated right between the town of Balchik and the town of Kavarna, on a plateau overlooking the sea. The second one will be situated along the coastline, near the sea, below the villages of Bozhurets and Topola, 3 km away from Kavarna. Gary Player – the most successful golf player of all times, the only person in the world who has won “British Open” in three different decades, says: “Bulgaria is going to have the best golf course in the world”, and he answered the question: “How do you find Bulgaria? You are visiting our country for the first time. What is the impression it made on you?”, in this way: “You have a very beautiful country, with excellent nature. I have read a lot about your country but it is the first time I am visiting it. I have traveled over 15 million miles around the world during my 50-year career of a golf-player. I like Bulgaria. Now, when we are going to build two golf courses in Balchik and Kavarna, I am going to come more often and I am going to learn more about your country. The main criteria which determine the site on which a golf course is to be built are the beautiful nature, the soil and rainfall.”

Kavarna is very different from the “pearls of the Bulgarian Black Sea coast” – the resort complexes Golden Sands and Sunny Beach. The business invasion and the search for hotels, restaurants, places of entertainment, casinos, cafes, the usurpation of beaches, the visible devaluation of architecture and the blatant disregard for town-development order and harmony have turned these resorts into anything else, but not into Bulgarian resorts. These resorts have lost their characteristic features, their tranquility, the charm of one-time atmosphere in complexes. If you do not want to encounter the same environment, the same hotels and attractions as in a number of other resorts in Europe and around the world, the place where you can feel the atmosphere of the Bulgarian nature is the region of Kavarna.

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