NEW GOLF COURSE NEAR SOFIA, PRAVETS GOLF RESORT

Asta Bridge International Properties, which is part of the biggest real estate holding in Bulgaria, has been selected as the exclusive broker for all Pravets Golf properties. It is currently offering all available Pravets Golf properties at lower pre-launch prices, which are expected to increase as soon as construction starts in a month.

Bulgarian real estate developer Terra Tour Service has recently announced plans to invest close to ˆ50 million in the construction of a luxury golf resort near the capital city of Sofia. The resort will comprise an 18-hole PGA-level course designed by Harradine Golf, a clubhouse, a 4-star international chain hotel, a casino, one of the largest spa centres in the country as well as extensive sporting facilities that will include a number of soccer fields and volleyball and basketball courts. There will also be 180 apartments and 67 villas. All properties and several holes of the golf course will be located on the shores of the Pravets Lake. The development boasts a low altitude of 420m that will provide mild winters and will ensure its year-round use. Pravets Golf is only a 40-minute ride from the city of Sofia on one of the country's major highways.

Terra Tour Service Ltd. currently manages assets worth more than ˆ300 million. It owns several 4-star hotels on the Bulgarian Black Sea coast in addition to game parks, sports venues, spa centres and holiday complexes, and was recently awarded Class A Investor status. The status guarantees the local and national authorities' full cooperation for the completion of the project and comes with fiscal incentives very few developers in the country have. The developer plans to commence construction of the golf development in September 2007 and complete the project by the first half of 2010.

Asta Bridge International Properties, which is part of the biggest real estate holding in Bulgaria, has been selected as the exclusive broker for all Pravets Golf properties. It is currently offering all available Pravets Golf properties at lower pre-launch prices, which are expected to increase as soon as construction starts in a month.