A Turkish businessman plans to build a complex with 900 apartments, a five-star hotel, swimming pools, restaurants, bars, clubs and sports areas on a 35,000-sqm plot of land located in the 23 August town in Constanta county at Romania’s seaside.

The total investment in the Blaxy Premium Resort & Hotel complex is estimated at EUR 100 million and it will be gradually be put into operation by 2016, reports local Mediafax. The investment should be recovered in seven years.

The project includes a five-star hotel with 400 rooms, a business center, a health club, spa and an indoor swimming pool. An amphitheater, a private beach covering 9,000 sqm and a parking lot located on a 13,000 sqm terrain will serve both the residential complex and the hotel.

The developer will also launch for the first time in Romania the concept of "temporary ownership", meaning the owner can use a summer house each year for one week, for the rest of his life. He can also rent it, sell it or or leave it as inheritance.

The complex will have two types of units, namely a simple condo of 32 sqm, or a double condo of 64 sqm.

The starting price for such a property is between EUR 3,750 and EUR 4,250 for condos with a view to the sea or to the swimming pool.

The Blaxy Premium Resort and Hotel is owned by Romanian citizen of Turkish ethnicity Oguz Yilmaz, who developed a series of projects in Romania.

Irina Popescu, irina.popescu@romania-insider.com