RNS Number:9841Z
South African Property Opps PLC
10 July 2007

                    SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC
                           ("SAPRO" or the "Company")

                          Further Property Acquisition

SAPRO today announces the exchange of contracts for the acquisition of a site
for a significant strategic investment which will comprise a 146.6 hectare
residential development, with a retail component, in a rapidly growing area east
of Pretoria (the "African Renaissance Development"). Upon completion, the site,
of which the majority is undeveloped vacant land, is expected to yield an
estimated 252,920sqm of gross building area (233,920sqm residential and
19,000sqm retail) after planning has been obtained. It is situated directly
east of Pretoria's Central Business District in Hazeldene - a node that has
experienced significant residential growth over the past few years. The
development will be primarily aimed at South Africa's rapidly growing black
middle class.

Key points for the investment:

* The African Renaissance Development is a joint venture with three individuals,
one of whom is a local real estate project manager, one a building contractor
and the other a quantity surveyor, who secured the opportunity and
conceptualised the development plan over the last two years. SAPRO will have a
64 per cent. interest in the development vehicle.

* The joint venture partners (the "Partners") have applied for planning to build
approximately 3,200 residential units (apartments and freehold stands) and a
retail centre on the site.  It is expected that building will commence in 2008
and that the total length of the build-out will be seven years.

* The development is expected to represent a total investment by the Partners of
R2.57 billion (#181.41) million, consisting of land acquisition costs of R39.64
million (#2.80 million) and estimated development costs of circa R2.53 billion
(#178.61 million). The land acquisition and initial working capital requirements
of the joint venture totalling R83.75 million (#5.91 million) will be funded
entirely out of the cash resources of SAPRO. The Partners will seek up to R2.50
billion (#176.56 million) of bank financing for the build-out phase (although
the total amount outstanding in any one calendar year will be considerably less
than this).

* The transaction is SAPRO's largest residential investment to date and brings
total equity invested to R436 million (#31 million).

Brian Myerson, a director of SAPRO, commented: "We are delighted to have closed
what has been a complex transaction to acquire this 146.6 hectare site in the
outskirts of Pretoria. It will be a major new development supplying the
continuing strong demand for first buyer homes in the South African market and
brings further breadth to the Company's portfolio. We have now fully committed
the funds raised at the Company's launch in October last year and the pipeline
remains very strong."

Further enquiries:

SAPRO
Anne Dalen/James Peggie
+44 20 7240 3222

Teather & Greenwood
Jonathan Becher
+44 207 426 9000

Bell Pottinger
Mike Davies/ Dan de Belder
+44 207 861 3232




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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