Breaking New Ground in Bulgarian Property Market

Nov. 16, 2006 – Neil O’Reilly and Aaron Tracey are founding Directors of Platinum Developments, which was set-up in 2003, and the company has grown it into the largest 100% Irish owned property development company in Bulgaria. Platinum Developments is an international property investment, land development and sales company specialising in the Bulgarian market, with developments on the Black Sea Coast, the capital Sofia and in the Ski Resort of Bansko.

Currently there are 12 on-going developments in various stages of construction, and investment in current and future developments will be in excess of €1.5 billion. Platinum has also expanded its workforce to over 20 fulltime employees in their Dublin head office and the same again in Bulgaria, not to mention the hundreds of local employees and agency networks worldwide.

During 2006, Platinum is due to complete 647 units, increasing to 1,216 in 2007. With a build programme of eight million square feet currently on hand or in the planning stage, the build for the next three years is circa 10,000 units, including residential, commercial, leisure facilities, hotels and golf courses.

Both Neil and Aaron are young entrepreneurs who took a massive risk to start the company and it has paid off. Their first development, the 5-star Sunset Resort on the Black Sea Coast, is set for completion in June, and is the biggest development project ever undertaken in the history of Bulgaria.

Their rapid business success is all the more remarkable when you consider in 2003, Platinum Developments was a selling agent. The original developers, of what is now ‘Sunset Resort,’ had their assets frozen and it looked like everyone would lose their deposits. Platinum Developments took over the project and all investors were assured the project would be completed, and it has been. Now, the champagne is on ice for its imminent launch.

The 5-star Sunset Resort, Platinum’s flagship development is only 15 minutes from Bourgas airport and less than 25 minutes from Bourgas city centre, Sunny Beach and the old town of Nessebar on the Black Sea Coast. This 5-star resort is an architectural triumph created by one of Bulgaria’s most reputable and prolific designers, Nikolai Damov. The resort comprises of five main buildings and six luxurious boulevard villas, totaling 800 individual units varying from studios to presidential suites.

The services provided within the resort are comparable to that of any Mediterranean village or town. The leisure facilities include a lazy river that meanders its way through the beautifully landscaped extensive private grounds of tropical trees and flowers with children’s water slides, outdoor cafes and cocktail bars, indoor and outdoor swimming pools, tennis courts, gymnasium, a 200 seated open-air venue, casino, beauty salon, kindergarten, medical centre, shops and lots more.

O’Reilly currently resides in Bulgaria and has his finger on the pulse of the Bulgarian property market while Tracey and the rest of the rapidly growing management team are based in their head office in Beacon Court, Sandyford. Platinum Developments has sub-offices spread across Bulgaria and an agency network that has expanded into the UK and much of Europe and as far as the USA and Asia. Platinum Developments is already on a par with some of Ireland’s long-established elite overseas development companies such as Cosgraves and Mclnerneys.

Speaking about the imminent launch of the 5-star Sunset Resort on the Black Sea Coast, O’ Reilly says, “We’re really excited and very proud of our flagship development, and the growth of the company has been, and continues to be, rapid and exciting. Already 2006 has exceeded even our high expectations and we’re working really hard to offer investors the best property investment opportunities in Bulgaria”.

Platinum Developments’ projects in Sofia, along the Black Sea Coast and in Bansko are selling out on release with demand for property in Bulgaria at an all time high.

Platinum Developments State 31, The Mall Beacon Court, Sandyford Dublin 18
Telephone: +353 1 293 4950 Fax: +353 1 293 4951 Email: info@pdi.ie Website: www.pdi.ie

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