Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, will invest 300 million euro in a residential project near the Black Sea city of Varna, weekly Stroitelstvo Gradut said.

The company confirmed that it plans to build the biggest yet gated residential community in Bulgaria, called Electra Hills. The land plot it has selected for the purpose is near the Kalimantsi village, 15km northwest of Varna. The company has completed similar projects in Israel and Ukraine.

The compound will have a total built-up area of close to 400 000 sq m on a land plot of 50 ha. It will consist of single-family and two-family homes, as well as condominiums. The total number of homes will amount to five thousand. For the convenience of the Electra Hills residents, the company also plans to build a shopping centre, kindergartens, a school, restaurants, an amusement park and even a church.