Admira Appartments Ready by July 2007

Zlatni Pyasatsi AD (Golden Sands) plans to complete the building of the “Admiral Apartments” complex by July 2007, the company’s registration document showed. “Admiral Apartments” consists of 137 apartments, commercial spaces and restaurants.

The investment is valued at EUR 9 mln and will financed through bank credit and funds, gained from the advance payment of apartments.

The building is currently basically completed. The company expects to earn more than EUR 20 mln from the sale of apartments and commercial areas by the end of this year.

Zlatni Pyasatsi AD’s 2007 investment program envisages improvement of the resort complex’s infrastructure - building an attraction zone, car parks, replacement of sidewalk and drive pavements and laying out lawns, parks and gardens in the complex.

In 2006 the “Iglika 1” residential building was completely finished. A total of 65 flats were sold at an average price of 900 EUR/sq.m. (VAT not included). Operating income from the project reached 1.970 mln last year.

Zlatni Pyasatsi AD reported a loss of 1.2 mln leva for 2006 versus a 619 000 leva profit a year ago.

15 shares were traded yesterday at a level of 13 leva per share.

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