Firstly I would like to thank the committee for your warm welcome and for organizing a professional and productive meeting My self and Ray Cleary were delighted to meet so many of the owners and we wish to thank all those who took the time to attend.

Current position (Panorama)

The Panorama resort is almost completed, we are still to complete the pool and spa area and the kitchen for the restaurant. The apartments are completed now apart from some requiring furniture etc. In fact some owners in sections D, C and B have occupied apartments during the past 2 months. All apartments have access to water and electricity at this time, however until mains electric is connected we must limit the number of apartments in use at any one time. The reception areas and lobby bar are completed and ready for use. Today 29 April the landscaping company are back on site to complete their works regarding gardens and spring planting etc. STC have staff on site comprising of 3 electricians, 2 plumbers, 1 general maintainace, 2 laborers 1 painter and 2 cleaners.

Outstanding loan from bank

Due to funds from owners not being available to continue works on the Panorama project STC have taken a loan from the bank and have been forced to use parts of the building belonging to STC to secure the loan. Some unsold apartments were used to secure this loan along with lobby bar, reception restaurant and spa area. Some of this loan has been paid back by STC but the majority is still out standing Please find details listed on separate sheet regarding finance.

Outstanding funds from owners

Funds outstanding for owners total a sun of 970 813 EUR After act 16 and the habitation license was issued STC expected many owners to pay the final balance, but this has not happened therefore at this time STC are unable to complete the final works. Until the outstanding payments are met STC will be unable to clear the mortgages and complete the works to the spa complex and kitchen.

Title deeds

Those clients who have paid in full and signed title deeds are now in full ownership of their apartments however those who have not transfer of title deeds and paid in full should do so as a matter of urgency as the bank are looking to take more apartments as security STC do not wish to give any more security however if we refuse the bank has a possibility to with draw the loan facility and take any asset of STC in panorama and this will include any apartments that are still in the name of STC. I note that some lawyer are recommending clients to wait until the complex facilities are completed before paying final installments please consider this matter carefully as this is not a option, STC do not wish you to lose your apartment we only wish to complete the project and make panorama a successful resort for STC and the owners.

Pool area

The pool and spa area is the vital area now needed to achieve any rental for the summer season. I am of the opinion that we should first start the pool area on the bottom floor this would include toilets, changing rooms, toilets, bar and sauna. Please find on a separate sheet estimates for the works required and time schedule involved.

Restaurant

The second priority after the pool area is the restaurant kitchen, again rental potential would be greatly reduced if there were no hot foods available to guests within the complex. Please find on separate sheet estimate for the works required and time schedule involved.

Common parts

There seems to be some confusion from owners at the meeting over what they have bought in the panorama resort. Firstly the apartment, the price relates to sqm including balcony, the sqm is calculated by the space the apartment occupies in the complex not the exact size of the apartment i.e. floor space, the common parts that relate to maintenance fee are as follows, entrances to building, staircases, corridors etc.

Communal areas

The communal parts of the building are in the ownership of STC and their maintenance and upkeep shall be paid and responsible to them and no cost to the apartment owners in respect of the maintenance contract, these areas include spa complex, lobby area, reception area, restaurant, and all other areas rooms and parking facilities in the complex.

Building maintenance

The maintenance contract of Panorama is at a fixed cost of 11 euro per sq m./VAT not included.

For this fee STC will carry out the following services:
• organization of the internal order in the building and the common parts and equipment of the Building and the Complex, rendering any assistance and help to the owners with respect to undisturbed usage of their lodgings and the Complex as a whole and their undisturbed exercising rights of property;
• technical maintenance of the common installations, equipment, arrangements or other common parts of the Building, the green areas, the parking lots and yard;
• organizing outside security of the Complex;
• organizing sanitary-hygiene service of the Complex and the common parts of the Building;
• Organizing and management of paid services in the Complex.

Use of apartments

The owners who wish to stay in Panorama resort for the period between 1st may until the spa area is open, are welcome to do so there are 2 options for this, the owner or guest can have the meters read for electric and water when they arrive and arrange to complete their own laundry and cleaning etc also pay for cable TV etc.or pay the following tariff per night enabling STC to pay for all services:

Room only 8 euro /night
Studio 10 euro /night
1 bed 12 euro /night
2 bed 14 euro /night

Any owner wishing to take advantage of this arrangement should contact Ray Cleary on ray@stc-build.com

We are now offering the best value airport transfer service from Sofia airport to bansko up to 3 persons on a private transfer with English speaking drivers for 60 euro each way, other group prices available on request again e mail ray on ray@stc-build.com.