Nikolina Nikolova, CEO of the Bulgarian arm of Hercesa International announced plans of the Spanish developer to invest 500 million euro in the building of a gated residential property along the road between Sofia and Pernik.

The company intends to build a railway station within the estate compound, which will allow residents to commute easily to either Sofia or Pernik.

The project features more than 2000 apartments with a total living area of 240 000 sq m. Prices will vary between 800 and 1100 euro a sq m, Nikolova said, and added that the first building phase should be completed by the end of 2010. Completion of the entire project is expected by 2016.