Progress to date

RNS Number:9190N
Bulgarian Property DevelopmentsPLC
22 June 2005


Announcement


                         Bulgarian Property Developments Plc

                           Progress to date / value of land

The Company was admitted to trading on AIM on 4 January 2005, having raised
#4.45 million (before expenses) at 50p per share.  Since then the Company has
made considerable progress in implementing its strategy.  It has accumulated
several land sites for commercial development in Sofia and a further site for
residential development in the rapidly expanding winter sports resort of Bansko.
All of these sites were acquired for cash.

The Company has acquired four sites on Sofia's ring road in the direction of the
Airport, and a fifth site within a 3 minute drive of the Airport.  These sites
total some 120,000 sq metres.  The Company is applying for rezoning for
commercial use for these sites.  It then intends to find suitable users for each
site, so that appropriate distribution/commercial centres can be built to the
users specifications with a view to a sale or lease arrangement.

The Company has also acquired a 6000 sq metre site in Bansko, Bulgaria's leading
ski resort.  Application for rezoning is being undertaken, with a view to
developing an apartment building for sale off plan.

The Directors are pleased to report that Colliers International has provided an
opinion of the value in April 2005 of four of the Company's sites in Sofia,
which is Euro3,580,000 in aggregate on a rezoned basis (and Euro3,270,000 in its
current state) against a cost of Euro2,440,000.  The Directors have valued the
remaining Sofia site and the site in Bansko at a total of Euro840,000 (on a rezoned
basis) against a cost of Euro610,000.  The  increase in value of the Company's
assets would equate  to a Net Asset Value for BPD of approximately 55p per share
at 30 April 2005.

The Company is continuing to look for further suitable land in Sofia and
elsewhere.

Enquiries - Ivo Hesmondhalgh, Chief Executive BPD     Phone - 020 7243 1336
            Ken Vere Nicoll, Matrix Securities              - 020 7925 3300



22 June 2005




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