Mogul Promises New Start for Skopje’s Old Fair
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| Mane’s BALFIN Group acquired the 155.000 square meter lot near Skopje’s old trade fair in October last year, through its subsidiary firm in Macedonia called Skopje East Gate. Photo: Giotto_mkd |
The owner of BALFIN Group, Albanian businessman Samir Mane, has said construction of a brand new “town” at the site of the neglected trade fair in the Macedonian capital is poised to start by the end of May, with a 300-million-euro investment.
“We will start building a town, but not in Albania. It is a mini-town in Skopje, a 300-million-euro investment. The town will contain 1,400 flats, a huge shopping mall and four towers with offices,” Mane said on Albania’s Tring TV on Sunday.
“It is called ‘Smart City’ and will become a reality in Macedonia very soon,” he added.
Mane’s BALFIN Group acquired the huge 155,000 square meter site near Skopje’s old trade fair in October last year through its subsidiary firm in Macedonia, Skopje East Gate, which bought the land after the previous owner, Slovenian ERA Group, failed to deliver on its promise to do the upgrade itself.
ERA launched the upgrade project in 2008 amid much pomp and with the presence of the then Prime Minister, Nikola Gruevski, who used the occasion to hail an opportunity to create fresh jobs.
But construction quickly halted, which the company blamed on the global financial crisis, which it said had scared off investors. Last year, as a result of bankruptcy, Skopje’s trade fair shut down.
According to the old upgrade plan, 110,000 square metres were planned to be adjacent to the existing fair that covers 65,000 square metres. However, the new owner plans to start ground up and first demolish the old fair.
While Mane has earned the nickname of the richest Albanian, his BALFIN Group is the largest private investment groups in Albania and among the largest in South-east Europe.
This is not BALFIN’s first investment in Skopje. In 2012, BALFIN constructed the Skopje City Mall, which was later sold to the British Hystead Limited.
Read more:
Skopje City Mall Officially Opened
