Interview with Laska Nenova and Mariyan Belyakov
Published in Manager Magazine
09.04.2008

Presentation
“Winslow Developments” is a Bulgarian company with English participation. The company invests and manages projects for real estates in Bulgaria since 2001. It has offices in Sofia, London and Bansko. The investments in the projects that it participates in exceed 600 million euro. Below are questions to Laska Nenova, Trading and marketing director of “Winslow Developments” and Mariyan Belyakov, Director Property Management of “Winslow Developments”.

1. There are many definitions of what a luxury is and what is modern. What are your impressions from the conversations with people who search for a residence?

Laska Nenova (LN): For many people a luxury means leisure. For the modern man leisure is a deficit. That is why it is important to choose a place to live where you can go in for sports (instead of going to fitness or swimming at the other end of the city), take good care of yourselves (by going to the SPA) or take your child to the kindergarten on foot…The nice view is also a luxury.

On the other hand, many of the acquisitions which have been considered a luxury till recently – availability of a private SPA center, private parking, private kindergarten, private swimming-pool and sports playground – are more accessible today. People from the highest circles are not the only ones that can afford them. You do not have to be extremely rich in order to have luxurious things in your life.

Mariyan Belyakov (MB): The residence of the modern Bulgarian has to combine in itself harmony, calmness, satisfaction, comfort, location and again location. As regards the interior arrangement, a modern and convenient decision would be a long and relatively wide living-room, combined with a modern kitchenette at the expense of smaller bedrooms and corridors. The huge bedrooms and separated kitchens are out-of-date. The description above combines the average rate luxury and modernism in the contemporary construction of residential complexes.

2. What are the criteria that the residence of the modern Bulgarian must conform to?

LN: In “Winslow Developments” we analyze the attitude of the people who search for a residence each week. There are four major factors that influence the choice of a home.

First in significance for the modern man is the location of the dream home. People want the region to be prestigious, to have a developed transport and communication infrastructure, easy and quick access to business centers, hypermarkets, places for entertainment and recreation.

The second criterion is the uniqueness of the project itself, the feeling that what you choose to be your home will be something different. A lot of residences are purchased still at a design stage which means that the future owner decides to purchase when he is convinced of the good concept for life that he is offered.

As regards “Winslow Gardens” in particular the design of each element is conformable to the environment. The density of construction is lower than that permissible by standards in order to create a feeling of spaciousness and coziness. The residences are designed in a way to be functional and to have a lot of light in them – ceilings are high, kitchens are light, the living-rooms are spacious, the bedrooms are cozy. There is no skewing and unnecessary loss of space. The availability of underground parkings allows for the development and maintenance of an enormous park – over 12 000 sq.m. - with tall trees, flower-beds and walking alleys.

The third condition which the residence of the modern man must comply with is the quality of construction, and the fourth – the availability of additional facilities – enough parking lots (the modern family often has more than 1 car), fitness (more people strive for a healthy lifestyle), security, energy independence (individual heating with no loss of “heat”), etc.

MB: The environment also matters. Will you be surrounded by people with similar social status and lifestyle with whom you can keep good relations and even establish business partnerships? Or by a heterogeneous group of individuals who hardly get along with each other and could hardly settle issues regarding the management of common parts? The availability of an environment which you will enjoy living in is not to be ignored… A big part of the clients of “Winslow Gardens” are lawyers, entrepreneurs, managers in good companies… a prerequisite for a nice social environment.

3. What do people search for when they choose a luxurious residence?

LN: The modern Bulgarian searches for a residence firstly by the good location, at second place – by the availability of a nice view and enough space between the buildings, at third – by size (there is a tendency for substituting small residences with larger ones), at fourth – by the additional services and finally at fifth – by price. Luxury is associated with coziness, accessibility, functionality, privacy and security.

MB: The complexity of the factors is leading in the decision to purchase a luxurious residence. An addition to this is the good image of the whole complex.

4. Do you offer additional services – letting out, management of the estate?

MB: Our Sales department makes a detailed file of each purchase. If a client concludes a contract for letting out of an apartment in “Winslow Gardens” he can rely on the excellent communication between this department and the Property management department in “Winslow Gardens”. The Property management department will not be engaged only in the management of common parts – cleaning, service, and provision of security for the residents of the complex. We also consider a service related to managing the payment of public expenses – for electricity, water, cable television, Internet, as well as obligations toward the local authorities. We see all these services as a necessary after-sale servicing, entirely directed toward the client and following the natural process in which a given project gets to its final stage and is handed out to its new owner who on his behalf needs a competent intervention so that his investment could meet the expected results.

The “Winslow” model of Property management has been elaborated with good results in our former projects and is positively developing in the tourist, the hotel sector in particular, with a very good customer service and excellent positioning of the competitive tourist mountain market.

5. What is “Winslow Gardens” like in more details and at what stage is it?

LN: “Winslow Gardens” is the first ecologically designed and energy independent complex in Bulgaria. It will be situated in the eastern part of “Manastirski livadi” district in the capital. Its major advantages refer to the low construction, the 12 000 sq.m. park, the SPA center with a fitness hall and a 25 meter swimming-pool, the playground for basketball and mini football, the zone for pets and the underground 2 level parking. A pharmacy, medical cabinets, children’s day nursery, hairdresser’s and dry cleaning are some of the other services that we envisage. “Winslow Developments” and RREEF – investment division of Deutsche Bank AG, are investors in the complex.

The first sod of “Winslow Gardens” was turned in April 2008. Again in April we concluded an agreement with Raiffeisenbank (Bulgaria) EAD for a financing of over 72 million BGN. The credit is for the first phase of the complex. We have also chosen a Main Contractor for the first phase – “Glavbolgarstroy”.

MB: The first phase of “Winslow Gardens” will end up in the middle of 2010. Over 60% of the estates are already sold “off plan”.

6. What other projects do you work on?

LN: The objective of “Winslow Developments” is to be one of the leaders in creating and realizing investment projects in land properties, residential construction, administrative and business buildings. Our investments will exceed 600 million euro.

In 2006 we established a joint company with RREEF – investment division of Deutsche Bank AG for investments in real estates. We are working with them on 3 projects for closed residential complexes. The first two are in Manastirski livadi“ (“Winslow Gardens”) and “Vitosha” district in Sofia and the third – in Dragoman district in Bankya. The three of them all offer a substantially new lifestyle.

We have 7 projects (residential buildings for seasonal use) in Bansko for over 60 million BGN. This spring we concluded a contract for construction and management of a project in the village of Banya, property of the British fund Lewis Charles. Its value will be over 200 million BGN.

We invest in agricultural land and production of agricultural products. The company has over 15 000 decare agricultural land and plans to purchase 30 000 decare more until the end of 2008. We cultivate 20 000 decare of land.

MB: Fortunately for us, all projects so far enjoy big interest both on the domestic and foreign market. An evidence for that is the large number of successfully fulfilled projects in Bansko as well as the “Winslow Gardens” complex in Sofia which enjoys exclusive interest. The transactions performed are our main indicator of how the project develops and how well it is being sold.