Orchid Developments Group Ltd, the Bulgaria-focused retail developer, said it has signed an agreement for the purchase of a 231,000 sq m plot for the development of a logistics park near Varna, on the Black Sea. Orchid Developments posted a wider first-half pretax loss on higher investments and the scaling up of development activities across its projects but said it views its future prospects with 'confidence'. For the six months to end-June, Orchid reported a pretax loss of 1.52 mln euro compared with the loss of 896,000 euro last year. According to the financial statement of the company, Orchid is currently developing three residential projects, one in Sofia and two in Varna. The Sofia project is situated on a prime site (adjacent to ambassadorial residences) in the hills overlooking Sofia. This project, Orchid Hills Sofia, consists of 238 luxury apartments. The Varna projects comprise both residential and retail developments. One is on a 29,000 sq m plot and will consist of approximately 91,000 sq m built-up area. The other development in Varna is situated in the very heart of the city, with 39,000 sq m of build area comprising high-end residential, retail and commercial and is currently at the detailed design stage. There are currently three commercial projects, two of which are located in Sofia with a total build area of approximately 30,500 sq m. The third is situated in Varna with a total build area of approximately 24,600 sq m, said Orchid. The group is developing a multi-use complex in the center of Varna. This development, which is the largest planned in the city, totals a build area approximately 190,000 sq m that comprises the Grand Mall and commercial towers. Excavation and shoring works started late August 2007. Orchid said it has already agreed long term leases with anchor tenants for a third of the mall area (15,000 sq m) including Carrefour hypermarket