KVH01

Situated on the crown of the Chortlen Hills just north of Varna overlooking the coastline at Albena, Vantage Heights is set to raise the bar on Bulgaria’s Black Sea coast. This unique development sets itself head and shoulders above others as a well planned and professionally funded example of the future for Bulgaria’s property market.

Supporting Files:

• Price and availability list

This is a shrewd investment and an excellent holiday home brought to you by a British development company that understands what it is that you are looking for.

With superb panoramic, sea and inland views within easy reach of Varna and its international airport, you will find that this is a most picturesque, exclusive and relaxing holiday destination.

Extensive facilities will entertain you, your family or your tenants throughout their stay; with everything from a two-tiered swimming pool to a 100 seat restaurant, squash and tennis courts and a spa centre. Every effort has been made to design a unique complex to help while away the stresses and strains of normal life and relax in the tranquillity of the Bulgarian sunshine.

Facilities

• Onsite there will be an extensive array of facilities to entertain and relax you and these will include
• Swimming- 760 sq.m. two tiered Swimming Pool
• 2.7 m Waterfall
• Childrens Pool
• Three external Jacuzzi and sundeck areas
• Spa Centre
• Turkish Baths
• Steam Baths
• Saunas
• Wraps
• Pearl Bath
• Whirl Pool
• Body and Face Massage
• Manicure Pedicure
• Sports and Leisure
• Tennis Court
• Squash Court
• Basketball
• Fully equipped Gym
• Full size Snooker Table
• Full size Pool Table
• Aerobics
• 100 seat Restaurant
• 120 seat Panoramic Terrace
• Pool Bar providing snacks and drinks
• Lobby Bar
• Satellite Television in every apartment
• Wireless Broadband access
• Telephone in every apartment
• Hairdressers
• Bureau de Change
• Cash Machine
• Doctors Surgery
• Conference / Multipurpose room
• Underground car parking
• General Shop in the lobby
• Regular Minibus service to the beach
• Local Attractions - Jeep Safari, Windsurfing, Paragliding, Jet Skiing, Waterskiing, Golf Driving Range, Three 18-hole golf course

Location and Local Area:

Vantage Heights is situated 20km north of Varna on Bulgaria’s Black Sea coast just inland from the famous, long sandy beaches of Albena.

Rising from the coastline are the Chortlen Hills, on the crown of which sits Vantage Heights boasting splendid panoramic, sea and inland views. Even the Cape of Kaliakra some 60 km away can been seen from this elevated position as well the village of Kranevo and much of the surrounding picturesque countryside.

The area benefits from the famous Albena resort, which allows only very restricted development and thus exudes an air of exclusivity. Here you will not only find 5km of sand and warm waters, but a good choice of restaurants, bars and nightlife. There will be a regular minibus service taking you straight from the lobby to Albena in 6 minutes. Golden Sands is only 10 minutes away and offers a great alternative, especially if you are looking for the best of the night-time entertainment!

Alternatively for those wanting to practise their swing there is a golf driving range just 500m away from us and a choice of three golf courses within a 20 minute drive, two of which are currently under construction.

It is just 20 minutes from Varna and its international airport. Being the capital of the coast it is unrivalled in its charm and cosmopolitan atmosphere, unquestionably the best coastal area for quality restaurants, shopping and nightlife.

Vantage Heights’ overall position enables easy access to the best of the Black Sea coast, yet remains away from the hustle and bustle in an exclusive unspoilt location.
Investment:
This development has been planned from conception with the investor in mind. Unlike many, it has been planned with an integrated mortgage and rental guarantee system, thus allowing maximum return and security for buyers.

Guaranteed Rental Income:

Many developments offer this option, however most are only designed to return your own money to you. From our experience we know that the rental market is far from mature, and as such producing a sustainable rental income is difficult. At Vantage Heights a professional management team will be in place to provide a rental service, thus creating an additional income for you that is above and beyond the 5guaranteed by contract. The rental payments will therefore come in two parts:

Firstly, you will receive 5 percents if your total investment (paid biannually) every year for two years, guaranteed.

Secondly, in addition you will receive an equal share of the total rental income for the complex. This will be based on your apartment type and size and will be subjected to a 25 percent rental management fee.

We predict that your total income from rental will be closer to 8 percent over the first two years. After this time options will be volunteered to continue with a private rental agreement for your apartment.

For buyers who accept the rental guarantee the costs of water and electricity will be covered by us for the duration, however the management fee will still apply.

Access to your property under the rental agreement:

We do not believe in preventing access to your apartment, as such the following simple rules apply to every buyer that opts for the rental guarantee;
You will have unrestricted access to you property during off-peak times of the year
During peak season you will be required to give 6 weeks notice
Usage during peak season will result in deductions from the rental guarantee

Capital Growth:

Whilst it is tough to predict growth for the future, it is a sure bet that this development will increase in value inline with the very best performers in Bulgaria.

Mortgages:

The Developer has created a mortgage specifically for Vantage Heights which is provided by German bank Allianz. Their mortgages have been purposely designed to be integrated with the rental income and therefore allow you the most affordability.
60 percent of the value of the property can be borrowed
No minimum amount
The value of the property is key, not necessarily the earnings of the client
Title deeds value is surpassed by independent valuation
From 5-20 years lending
Interest rates from 6.9 percent

Quick Example:*

If you were looking to buy a one bedroom apartment and had 38,000 Euros at your disposal you could opt for a 50mortgage.

On a 20 year mortgage the monthly repayments would be 328 Euros / month
The guaranteed rental income at 5 percent for two years) works out at an average of 317 Euros / month

The additional shared income (estimated to be 3 minus the rental management fee works out at an average of 171 Euros / month

Based on this scenario; with a total average monthly income of 488 Euros and mortgage repayments of 328 Euros you would benefit from 160 Euros gross profit per month. Above and beyond this is of course the expected growth in value, which is most likely to far outweigh any monthly profit made.

* Please note: this is a simplified example using gross profits, all costs should be considered in any investment plan.

Payment Schemes:

To reserve any apartment there is a 1000 Euros reservation fee, after which you can choose from the four payment schemes below.

1. Standard Scheme - Discount 0 percent

• 10 percent on signing the preliminary contract
• 20 percent when the building permit is received
• 30 percent on completion of the foundations
• 30 percent on completion of the roof
• 10 percent on transfer of ownership (minus reservation fee)

2. Investor Scheme 1 - Discount 5 percent

• 60 percent on signing the preliminary contract
• 40 percent on transfer of ownership (minus reservation fee)

3. Investor Scheme 2 - Discount 10 percents

• 90 percent on signing preliminary contract
• 10 percent on transfer of ownership (minus reservation fee)

4. Mortgage Scheme - Discount 0 percent

• 40 percent on signing the preliminary contract (minus reservation fee)
• 60 percent released by the bank

The Apartments:

There will be 190 apartments at Vantage Heights, all are planned in one phase and the doors will open in Spring 2009.

The complex consists of several buildings, the largest of which (Mansion House) houses the entrance lobby, reception and most of the facilities. There are ten other separate buildings which are designed as detached villas, each contain between twelve and eighteen apartments and have a penthouse floor that can be split into two or adjoined as one.

There is a full range of apartments to choose from, sizes below include terraces and common areas:

• Studios from: 32 - 39 sq.m.
• One Bedroom Apartments from: 51 -75 sq.m.
• Two Bedroom Apartments from: 86 - 170 sq.m.
• King and Queen Penthouses from: 75 - 170 sq.m.
• Prices start from 26356 EURO for a Studio

Furnishings:

As many of these apartments will be rented there is no room to compromise on the quality of the furnishings, fixtures and fittings. All of the chosen products will need to stand the test of time so it is in everyone’s best interested to invest in quality from the start.

All apartments are fully furnished, a choice of packages will be available in the later part of 2007

• Air-conditioning is included
• TV and DVD player are included
• All apartments are finished with fitted kitchens and bathrooms
• All accessories from the bed linen to the roasting dish are included too

Disabled Access:

The main building has been designed with the entrance, lobby, restaurant, top swimming pool and sun terrace all on one level and as such it offers easy access. In addition, Mansion House also has two lifts which will allow wheelchair access to the upper floors. Should it be required we will appropriately modify the doorways and bathroom of your chosen apartment without any additional charge.

Water Source:

To add to the unique nature of this development all water onsite will be mineral water sourced from an aquifer 1000m below the hillside. We are spending more than 250,000 Euros to bring the spa centre, swimming pools and even your taps a flow of pure mineral water. We’re convinced that you will be able to taste the difference.

Management Fee:

In order to keep the complex in good working order there is an annual management fee of 10 Euros per sq.m. excluding VAT. This covers the costs of heating, lighting, cleaning and maintaining the ‘common areas’, which constitutes areas such as the lobby and corridors which are owned collectively by all buyers.

Buying Process:

• Choose your apartment
• Send a reservation fee of 1000 Euros
• Choose your Payment Scheme
• Instruct a lawyer to review the development, developer and all paperwork
• Sign the preliminary contract within 30 days of placing your reservation fee
• Transfer the first instalment within 10 days of signing the preliminary contract

Additional Costs:

There are additional costs associated with any property purchase, please see below for those that apply in Bulgaria.

• About 3 percents of the cost of your purchase for local municipality tax and notary fees, which is due only when the property completes
• Management fee of 10 Euros per sq.m. plus VAT per year
• Building insurance, depending on level of cover this will be 50 – 200 Euros per year
• Water and electricity consumption, measured by independent meters (covered by us if you opt for a Guaranteed Rental contract)