Construction to commence

 

TIDMBLD 
 
RNS Number : 0814T 
Bulgarian Land Development PLC 
01 June 2009 
 

 
 
1 June 2009 
Bulgarian Land Development Plc 
 
 
July Morning - Construction to commence 
 
 
Bulgarian Land Development Plc ("BLD" or the "Company"), the AIM listed 
Bulgarian residential and commercial development company, announces that it has 
received sufficient initial deposits from purchasers for units at July Morning, 
Seaside Resort, Kavarna to allow the Company to commence building a smaller 
Phase 1 at the site. As indicated in the Chief Executive Officer's Review in the 
Company's 2008 Report & Accounts, further details of the development are given 
below. 
 
 
The initial development will comprise a single block of approximately 3,600 
square metres including 55 apartments. 41 preliminary contracts have, at today's 
date, been signed for the apartments. The sales value of the contracted units is 
approximately EUR2.5m, the remaining 14 units will have a sales value of 
approximately EUR0.7m. Building costs for this block and associated infrastructure 
costs are estimated to amount to EUR2.2m. The Company will be utilising 
approximately EUR1.3m of its own cash resources for Phase 1, had it been cancelled 
the Company would have been required to return approximately EUR0.7m of deposits 
to purchasers. Construction is due to commence in June 2009, with completion 
expected in June 2010 at which time the income will be recognised. 
 
-Ends- 
For further information, please contact: 
 
 
+---------------------------------------+---------------------------------------+ 
| Bulgarian Land Development            |                         020 7067 0700 | 
| Christo Iliev, Chief Executive        |                                       | 
| Dimitar Savov, Executive Director     |                                       | 
| Andrew Daw, Finance Director          |                                       | 
|                                       |                                       | 
+---------------------------------------+---------------------------------------+ 
| Collins Stewart Europe Limited        |                         020 7523 8300 | 
| Andrew Zychowski                      |                                       | 
| Helen Goldsmith                       |                                       | 
+---------------------------------------+---------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCSEUFMUSUSEFI